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May 18, 2021
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Guide & Analysis

Price analysis: XRP, Monero and Tezos

XRP: Support at $ 0.1600 may be more important than you think

XRP looks pretty optimistic on the chart, but if you dig deeper, you may find that the patterns may be getting pessimistic. More recently, the price showed a lower fund pattern.

Looking more closely at the chart, the market may be creating a new wave pattern for the downside. Waves 1 and 2 were confirmed by the price stop at the 61.8% Fibonacci extension. If this is really a new wave pattern, 0.11600 would need to be broken on the negative side.

This movement can confirm a third wave to the negative side. Traditionally, the third wave is the longest, which means that there may be a prolonged downward movement. Obviously, this pattern can be invalidated if the previous high wave is removed (0.1806).

1-hour XRP / USD chart

Monero: $ 50.00 is the next target for bulls

Monero is retreating after the weekend crash and looks like he could test the $ 50.00 area. On the downside, the price is being negotiated under the moving averages of 55 and 200, which also had a selling cross recently.

This move can potentially increase the next lower level before a higher move. Although the trend is still firm, there is the potential for change at this stage.

Looking more closely at the chart now, the market has been making lower tops and bottoms for a while. $ 30.00 was a big low support, but now the red level at $ 44.09 is critical. If the level breaks, the price may be returning to the main low points.

On the upper side, however, if the price goes up, the main level to watch is $ 60.00. Finally, the volume is still quite low at the moment, so it would be nice to see a decent increase there.

XMR / USD daily chart

Monero testing 50.00

Tezos: XTZ prices jump from the support zone by $ 1.50

Tezos went through a phase of lateral consolidation, as the market decides which way to break. The market found support at the $ 1.50 level after most major crypto markets fell over the weekend.

Tezos fell a total of 17%, but recovered most of that drop. Now it looks like the price is testing the SMA 200 and so far this $ 1.65 level has been rejected. This means that the price is not in a range between the two moving averages of 55 and 200.

Looking at the RSI now, the market has moved to an oversold area, although price waves have reached a lower level. This is called a fluctuation of failure or hidden divergence and can mean that more headache is on the way.

The main support marked in red is $ 1.47; if that level exceeds, the market could fall a little further. On the upper side, the main resistance is the trend line and, if there is a break, the $ 1.88 upward consolidation could be tested.

XTZ / USD daily chart

Tezos price analysis

Source: FXStreet

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