The price of XRP has surged by 20% to $1.166, showing a remarkable rally that is in line with the bullish pattern’s pivotal third wave according to Elliott Wave Theory. This wave is often considered the strongest and most significant stage of an upward trend, with XRP now on track to hit a crucial price point in the days ahead. After breaking above $1.00 to start the first wave, XRP underwent a consolidation phase around $1.30 to form the second wave. With strong momentum and rising volume, XRP seems to be in its third wave, which historically tends to push prices higher than previous movements, attracting more buyers and fostering optimism. The next resistance level to watch is $1.80, and if broken, XRP could reach the $2.00 mark, a significant psychological barrier and all-time high.
Looking ahead, a long-term target for XRP could be between $2 and $20 if the current trend continues. It is crucial to keep an eye on immediate resistance at $1.80, with a breakout reinforcing the strength of the third wave and potentially drawing in more market activity towards the $2.00 level. Another significant target to consider is $2.20, should the rally gain more momentum. However, there is a downside risk of a decline below $1.30, which could challenge the wave structure and indicate a possible weakening of the trend, although strong support around $1.30 should mitigate any corrective actions.
In contrast, the Bitcoin market is experiencing a lower high on the daily chart, signaling a potential reversal that could concern bullish traders. Lower highs often suggest a loss of momentum and may precede a more significant correction. Bitcoin is currently facing resistance that could cap its short-term upside despite a recent strong run. Failure to surpass the previous high of $97,000 may test the current rally, with Bitcoin currently trading at around $97,500, just below the psychological $100,000 threshold. Overcoming immediate resistance at $98,000 is crucial to reignite bullish momentum, while support levels at $88,000 and $78,000 are key on the downside, with a breakdown below $88,000 potentially triggering a deeper retracement towards the $78,000 area.
Pepe’s price is approaching a critical juncture as it hovers around the 21-day EMA, a crucial support level that has been pivotal in sustaining its recent upward trend. The cryptocurrency is currently in a short-term downtrend, consolidating under a descending trendline, indicating an upcoming breakout. The recent rebound from the 21 EMA showcases its importance as a support zone, with a potential bullish reversal if the price can hold above this level. Conversely, a break below the 21 EMA could lead to a more severe correction, with support levels at $0.00001746 and $0.00001350. The declining trading volume suggests an impending breakout, as traders await a clear direction during the consolidation phase.
Pepe is under short-term bearish pressure, reflected in the descending trendline on the chart. The price has struggled to break above this trendline, hindering recent attempts at upward movement. To see a bullish breakout, Pepe needs to maintain its position above the 21 EMA and confirm a reversal by breaking through the trendline with high volume. Increased volatility and a breakout from the current range are likely once volume spikes.
