In today’s analysis we will focus on XRP and ADA, where an interesting uplink channel is formed. Both of these coins have fallen greatly and, following the Bitcoin model, have also moved upwards.
[XRP / USD] In 2020 to present value: -1.73%
We are currently at $ 0.188 for 1 XRP. In 2020, we saw high at $ 0.339. From high in 2020 to the current price it is up to 44% slump. Low in 2020 was $ 0.11. This year, we see an (un)appreciation of -1.73% to the current price. Slowly but surely, the XRP climbs to zero by 2020.
Its ascending channel is an excellent opportunity for active traders. If they are in long positions, they have to watch the support line – the bottom of the channel. If this line is not broken, XRP will continue to grow. We see the closest resistance at $ 0.20, which means that XRP can still show a slight increase before it reaches it.
[ADA / USD] In 2020 to present value: +3%
In the same ascending formation is Cardano, which has the closest resistance to 20% growth. We see the closest resistance at 0.040 USD. Bulls will want to achieve this value this week. If the support line lasts (ie the underside of the trinagl), the bulls will not leave positions on the ADA and this could result in an ADA of 0.040 USD. We are currently at $ 0.0337 USD.
Cardano is already at a slight 3% plus in 2020. We see support line support and then $ 0.027. Investors are still bullish and if the support line is not broken, they can still have long open positions and will not sell.
For both of these coins, however, the rule is that it is necessary to watch Bitcoin, because it also determines the directions to which the altcoins go. It’s OK today. Its sudden collapse would cause panic in the market, along BTC will fall down XRP and ADA. It is necessary to set the stop loss in the direction of the support line of each coin and in long positions the percentages are guaranteed.