Time For Altcoins to Shine As Bitcoin Dominance All Set to Break Support
November 21st 2020
The crypto markets were seen subject to the spell cast by the Bitcoin. With almost every coin surging by a huge majority, XRP, Cardano [ADA], and Stellar [XLM] were seen playing a major role in the crypto industry’s journey uphill. As Bitcoin leaps closer to its all-time high, the market cap of the entire crypto market seems to be surging beyond $526.58 billion. The third-largest cryptocurrency, XRP was priced at $0.354 with an 18.69% surge over the past 24-hours. XRP flourished as one of the top-performing crypto assets as it garnered profits of over 30% in the last week.
XRP One-Hour Price Chart
The short-term price chart of XRP formed an ascending broadening wedge. With both the trendlines sloping upwards, higher highs formulated the upper trend line. The higher highs were noted at $0.314, $0.319 as well as $0.363 with higher lows at $0.319, $0.321, and $0.335. The aforementioned pattern is touted as a bearish one as the direction of breakout for this pattern is usually downwards.
The daily moving average indicator seemed to be in sync with the ascending broadening wedge pattern and affirmed the presence of bears. The 100 daily moving average was seen above the 50 daily moving average and this crossover revealed that the bears were in the XRP market.
XRP With Key Indicators
While the pattern was screaming bears, key indicators were spinning another story. The indicators revealed that XRP could be sprucing up for a journey uphill. The Bollinger Bands indicator suggested that the altcoin was headed towards a change in its price. The bands were seen diverging which implied an increase in volatility. The Awesome Oscillator formed strong green closing bars and indicated bull sightings in the XRP market. Klinger Oscillator also played along and underwent a bullish crossover.
The bulls and the bears were evidently seen tussling in the XRP market. While the ascending broadening wedge pattern insinuated the chances of a bearish takeover, indicators like Klinger Oscillator, Awesome Oscillator as well as Bollinger Bands were seen restoring hope to the XRP community.