The 4 hour chart shows that the sellers are trying to stop the recovery at the 20-EMA. This indicates that the bears are not in a mood to compromise. If the weakness continues and the price breaks below $19,320, the pair could drop to $18,510.
On the contrary, if the price rises from the current level and breaks above the 20-EMA, the recovery may extend to the 50-SMA. This level may act as resistance again but if this hurdle is removed, the next stop could be the 61.8% Fib retracement level at $21,470.
XRP / USDT
Ripple (XRP) has been stuck within the $0.30-$0.39 range for several days. The price has reached the range resistance and if the bulls cross this hurdle, it could signal the start of a new bullish trend.
XRP/USDT daily chart. Source: TradingView
In a range, traders usually buy near support and sell near resistance. If the price drops sharply from the current level and breaks below the moving averages, this will indicate that the XRP/USDT pair may extend its consolidation for a few more days.
Although the moving averages are crossing each other, the RSI has jumped into positive territory, indicating that the bulls have a slight advantage. If buyers drive the price above $0.39 and hold it, the pair could rise to $0.48.
4 hour XRP/USDT chart. Source: TradingView
The pair rose sharply from $0.32 to $0.39, indicating strong buying by the bulls. The 20-EMA has emerged and the RSI is in the positive territory, indicating that the path of least resistance is to the upside.
If the price continues to rise and breaks above $0.39, the bullish momentum may increase and the pair may rise to $0.41. This level may act as resistance but if buyers turn the $0.39 level into support, the upward movement can resume.
Correlation / USDT
Chainlink (LINK) has been stuck in a large range between $5.50 and $9.50 over the past several weeks, which indicates that buyers are trying to bottom out. The bulls pushed the price above the moving averages and the RSI jumped into positive territory, indicating that the positive momentum could improve.
LINK/USDT daily chart. Source: TradingView
There is a minor resistance at $8.30, and if the bulls push the price above it, LINK/USDT could rise to the extreme resistance at $9.50. This level is likely to attract strong selling by the bears, but if the bulls break through the barrier, it could signal the start of a new bullish trend.
Moving averages are the important support to watch on the downside because if they pull back, selling pressure could rise. This can start as low as $7 and later to $6.20.
LINK/USDT 4-hour chart. Source: TradingView
Buyers are trying to defend the moving averages on the 4 hour chart. That could start to recover towards the general resistance at $8.20. If the price rises above this upper resistance, the pair could rise to $9.
If the bulls fail to push the price above $8.20, the bears may imagine their chances and try to sink the pair below the moving averages. This feature may tilt in favor of the bears. The pair can go down first to $7.50 and then to $7.
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EOS / USDT
The bears pulled EOS below the 50-day simple moving average ($1.44) on September 15, but were unable to break the support at $1.34. This indicates that the bulls are buying on dips and trying to bottom near $1.34.
The minor negative is that the bulls are facing strong resistance at the 20-day EMA ($1.50). This indicates that the bears are not giving up and are trying to wrest control. This struggle between bulls and bears is likely to be resolved with a strong penetration.
If the price breaks above the 20-day moving average, bullish momentum could increase and EOS/USDT could rise to $1.86. Alternatively, if the price declines and breaks below $1.34, the pair could drop to $1.24. A break below this support could bring the pair down to $1.
4-hour chart of EOS/USDT. Source: TradingView
The recovery faltered near $1.50, which indicates that the bears continue to sell on rallies. The bears will try to strengthen their edge by pulling the price below the strong support level at $1.34, but it may not be so easy.
Buyers have defended the $1.34 level on three occasions and will try to do so again. If the price bounces off $1.34, the bulls may try again to rise above the general resistance at $1.50. If they manage to do so, the price could rise to $1.70 and later to $1.86.
XTZ / USDT
Tezos (XTZ) broke below the 20-day moving average ($1.57) on September 13, but the bears were unable to pull the price to the support line of the symmetrical triangle. This indicates that buyers are accumulating on dips and are not waiting for a deeper correction to enter. This increases the possibility of recovery in the near term.
XTZ/USDT daily chart. Source: TradingView
If the price breaks above the 20-day moving average, XTZ/USDT could rise to the 50-day simple moving average ($1.66). This level was like