Cryptocurrency Analysis

[IFX_Selena]

Ray Dalio believes that Bitcoin can suppress the financial control of states



Bitcoin continues to try to start a new upward trend. And at least thousands of cryptocurrency experts and those who, in fact, own bitcoin coins believe in this. However, both the fundamental background and the technical picture speaks in favor of the fact that Bitcoin will either continue to decline or continue to consolidate. On the 24-hour timeframe, it is clearly seen that the growth has stalled around the level of $40,000 per coin, while on the 4-hour timeframe, it is clearly seen that the price worked out yesterday the Senkou Span B line and rebounded from it, so the chances of a downward movement are growing again. However, there are still people who continue to speak in favor of bitcoin, in whose words there is still a certain trust. In particular, we are talking about the billionaire Ray Dalio, who owns the investment company Bridgewater Associates. He believes that bitcoins are much better than bonds, and that the first cryptocurrency in the world may well suppress the financial control of states. Dalio also believes that the more people own bitcoin, the less control over them by the state. Everything that the world-renowned billionaire investor said is true. However, do not forget that absolutely any government can impose strict restrictions on the cryptocurrency sphere. It can ban bitcoin, it can ban all cryptocurrencies in general, it can ban mining, it can ban any financial transactions in digital assets, it can raise taxes for this area. In general, they can everything so that bitcoin and its counterparts simply cease to be profitable, especially for ordinary people. Even now, not all Americans have Bitcoin. Not all Americans have cryptocurrencies at all. In order for ordinary people to want to own a cryptocurrency, they need to clearly understand why they need it at all. Bitcoin was, is, and remains exclusively a means of investment, like many other cryptocurrencies. And why do ordinary people all need bitcoin? A maximum of 10% of the inhabitants of our planet invest in various financial instruments. Others do not need Bitcoin and other digital tokens in the same way as stocks, bonds, derivatives, and other financial instruments. Bitcoin is too slow as a means of payment. Thus, Ray Dalio speaks from the perspective of an investor and financier, but his words also show a personal interest in seeing bitcoin rise in value again. We already said yesterday that the CFO of MicroStrategy openly stated that all technology companies must invest in bitcoin.



Technically, bitcoin on a 4-hour timeframe may now resume its decline up to its 2021 lows. The key signal for this is a rebound from the Senkou Span B line, which is at the level of $ 40,500. So far, there is no trend line or channel, but two rounds of growth in recent years (and the second is less than the first) indicate that there are few bitcoin buyers now, but there are more sellers. We believe that ibitcoin may collapse down again in the near future.





Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin continues to suffer because of Elon Musk's dislike for it



Bitcoin once again tried to go above the level of $40,000 per coin yesterday, but to no avail. Thus, the cryptocurrency is still unable to recover its losses after falling by 56% from the highs of the year. This suggests that investors and institutions are not eager to "save" bitcoin. Despite the fact that many crypto experts continue to predict that bitcoin will reach at least $100,000 in value (the Internet is simply replete with such predictions), none of them clearly explains why bitcoin should grow to this notorious figure and when it will happen. As we have already said, it is easy to say that Bitcoin will cost $100,000, someday it will probably really cost that much. But so far, it is worth $40,000 and the chances of resuming the fall are much greater than the growth. As we've discussed in previous articles, the fundamental background for Bitcoin remains extremely poor. And it is now extremely difficult for "digital gold" to attract new investors and investments into its network. And if so, then bitcoin is not growing in price and may lose even more in the near future, because the vast majority of miners and investors deal with bitcoin only because of its attractiveness as an investment tool. If this attractiveness decreases, the flow of money into the bitcoin network also decreases. We have said earlier that the upward trend for bitcoin has dried up for several months in a row, and now there has been a collapse. And, perhaps, there has never been such a thing in the history of bitcoin that, after a strong and long upward trend, a collapse of 56% followed, and then the price immediately recovered. Usually, in such cases, a longer downward trend began, which usually took 2-3 years. In the same period of time, the cryptocurrency simultaneously consolidated and came to a certain fair value for that period of time. We believe that everything will be the same this time.

One of the most important reasons why Bitcoin will not show strong growth in the coming months is that Elon Musk has radically changed his rhetoric towards Bitcoin. No one knows exactly what Elon was thinking about bitcoin when Tesla invested 1.5 billion in coins, then announced its readiness to sell electric cars for bitcoins. Surely, Musk had some ingenious plan, but most likely it did not work. Because after a month and a half, Tesla removed the ability to pay for its cars in bitcoins, and a little later announced the sale of 10% of the coins "to check liquidity." However, the markets saw something else: first, Tesla and Elon Musk popularized bitcoin and introduced it into their activities, and a month later they began to abandon it and sell it. Naturally, the markets believe that Musk no longer believes in Bitcoin, and since the person who sends spaceships to Mars does not believe in it, then Bitcoin should not be bought. But Musk's recent comments only exacerbate the market's belief that he has renounced BTC. For Elon, bitcoin has become sharply ineffective and highly polluting the environment.



Technically, bitcoin twice dropped as close as possible to the level of $30,500 and at the moment has moved away from this level not too far. At this time, trading is about $37,000 per coin. Thus, we still count on the rise of bitcoin quotes to the critical line and for a certain period of consolidation. Nevertheless, if the bitcoin quotes manage to gain a foothold below the $30,500 level, then the token's depreciation may continue.






Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin to win favor with investors again; Apple looking for people with experience in digital wallets



It seems that the period of hardships for BTC is coming to an end and quite soon it will rally again. Currently, bitcoin needs to break above the resistance level of $42,000-45,000. If so, BTC is sure to resume the bullish trend. Yesterday, an urgent meeting of miners in the US took place. It was organized by Michael Saylor who also invited Elon Musk. "Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide," Saylor tweeted. So, mining will soon become much safer for the environment and this will be a real breakthrough. Speaking at the conference, Saylor added, "The only reason we had the meeting is because we wanted to ensure the success of a decentralized cryptocurrency and the source of decentralization is energy usage." Following the meeting, bitcoin reached the level of $40,000.

Barry Silbert, the CEO of Digital currency, advised all holders and all short-term traders who sell off crypto during a panic to pay more attention to the trends of the stock market. He believes they need to be more involved before they make any conclusions and show their biased attitude to the cryptocurrency market. Apparently, the stock market is the main catalyst for the further upward development of the entire cryptocurrency market, especially for bitcoin and other altcoins.

In addition, positive news came from sunny California, straight from Cupertino. Renowned company Apple is looking for a business development manager to lead an alternative payments partnership, a real professional with a wealth of knowledge and skills in the niche of cryptocurrencies and related technologies, who thoroughly understands this technology and will help them in implementing some project that Apple hinted at back in 2019. According to a job posting on the Apple website, the company is seeking someone with the following experience: "5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc. Deep knowledge of the alternative payments ecosystem, understanding the complexities of funds flow, roles/responsibilities for settlement, and relevant regulations."

Apple wants to find an employee or collaborators for its Apple Pay team to help them implement bitcoin or other various altcoins into the Apple Wallet payment method. In 2019, representatives of Apple Pay said that they considered cryptocurrencies, in particular Bitcoin, as a method of payment. They hinted that it had a great potential in the future so that they would be happy to work with digital coins because of their long-term prospects and limitless opportunities. However, Apple does not own any cryptocurrency unlike companies such as Microstrategy or Tesla. There is no cryptocurrency in their portfolio. If Apple really decides to take this step and introduce crypto technologies into the Apple Pay payment system, it will be a huge step for the mass acceptance of bitcoin, its global adaptation and the bull market.





Vitaly Kolesnikov
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin & Ethereum: We are facing huge opportunities for earning

Only a week has passed since our last article, and so much has happened on the market that it is impossible to stay still.

The last month of spring for the crypto industry and the market as a whole was not easy, and many would say it was terrible, and they will be partially right. In the beginning, the mighty Elon Musk walked through bitcoin, calling it environmentally unfriendly, and then China issued a joint notice prohibiting companies from supporting cryptocurrency-related businesses, adding that the Chinese authorities plan to take measures against cryptocurrency mining.

The overheated cryptocurrency market met such a negative information noise as a call for a collapse, which, in principle, happened: Bitcoin -53% from the maximum; Ethereum -60% from the maximum.

For altcoins, we will omit the information, since there is a pure "Panic sell": -70%; -80%; -90%; -95%.

With all the scale of the negative, the collapse has a local shape, and all this is because 2021 has cardinal differences from 2018. I mean a layer of qualified market participants who, unlike TikTok speculators, enter the market not on emotions, but with a well-developed strategy, which often considers a medium-long-term approach to an investment portfolio.

A correction of 50% or more enables funds, as well as institutional investors, to build up their portfolio by selecting an asset with a large discount.


Statistics
During the panic collapse, the owners of bitcoin wallets with a balance of 10,000 to 100,000 BTC increased their positions by 122,588 BTC.

In simple words, whales bought cryptocurrency from weak hands, increasing their portfolio.

Raymond Dalio, an American financier, billionaire, and founder of the investment company Bridgewater Associates, invested in Bitcoin just during the market crash, saying that the US dollar was depreciating, and against the backdrop of rising inflation, investments in digital gold look very attractive. Assuming that similar revelations about investing in cryptocurrencies will continue to delight the market, where large investors just at the time of the market crash have increased their portfolio.

In turn, MicroStrategy CFO Phong Le calls on technology companies to add the first cryptocurrency as a reserve asset, considering it their direct responsibility. These words can be taken very skeptically, but do not forget that as of May 25, 2021, MicroStrategy owns 92,079 BTC worth more than $3.4 billion, and this is a fairly strong player who does not plan to please its bitcoin reserves.


What happens on the trading charts?
During the collapse, bitcoin hit the price level of $30,000, after which there was a sharp jump in the volume of long positions, which led to a fairly rapid recovery of the BTC rate.

Those who read my previous analysis may recall that we had expectations about the market spill in the event of a breakdown of the $40,000/$43,000 price region. The forecast coincided by 100%, since the pivot point was found in the forecasted $29,000/$31,000 mark.

At this point, a thorough analysis of the external information background should be continued regarding the prospects or negative factors related to the crypto industry.

As for price levels, in order to increase the volume of long positions, the BTC quotes need to overcome the $43,000/$44,000 region. This step will lead to greater confidence and new growth towards $50,000- $59,000.

In turn, panic may arise in case of a breakdown of the $28,000/$30,000 mark, which will open the second wave of "Panic sell" in the direction of $20,000.



Ethereum recovered from the crash of about 40%, which is good enough, but this is not the limit of the possible.

The co-founder of Guggenheim Partners, an investment company that manages $270 billion in assets, believes that ethereum is more useful than bitcoin due to the presence of smart contracts. Blockchain technology is spreading rapidly around the world, and the number of ethereum developers is growing for the sixth year in a row, which is why Ethereum has a very bright future.

Ethereum's growth expectations, as before, have a large current drawdown, this is an excellent opportunity to reboot.



General background of the crypto market
Analyzing the total market capitalization of the crypto industry, you will be shocked by the scale of the collapse. From May 12 to May 23, the Total Market immediately decreased by $1.301 trillion. For comparison, the current Total Market is $1.732 trillion.

Now you understand why all the headlines of critical articles were full of the words "halved".

The dominant position in the market is kept by bitcoin (42.9%), which is equivalent to $742,839,955,169.22 in terms of numbers. It is worth considering that after the collapse, the dominant share of BTC in the market increased from 39.8% to 42.9%.



The index of emotions (aka fear and greed) of the crypto market has a low indicator, 22 points, but it is worth noting that the index is growing. For example, on May 24, the index is 10 points, which indicates high fear and panic in the market.




Indicator Analysis - BTC

Analyzing different sectors of time frames (TF), it can be seen that the indicators of technical instruments on the hourly period are actively tuned in to buy due to the active process of price recovery. The daily and weekly periods are focused on the "Panic sell" stage. The monthly period is still in an upward trend, signaling a buy.






Gven Podolsky
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

China will continue to "tighten the screws" for the cryptocurrency sphere



Recently, only negative news for bitcoin has been coming from China. Recall that it all started with several accidents at coal mines in China, which led to interruptions in the supply of electricity in the Xinjiang region and led to the shutdown of about 30% of China's mining farms. After that, similar problems followed in another region of China - Sichuan. Well, in the end, the cherry on the cake is the information that financial institutions in China will be prohibited from providing any services related to cryptocurrencies, and a little later - information that mining may be completely banned in the country.

According to some experts, China will be the first of the largest states in the world to really "tighten the screws" in relation to the cryptocurrency sector properly. The Chinese Communist Party wants to completely control all sectors of its economy, and, as we said earlier, bitcoin and other cryptocurrencies are just very difficult to control without the corresponding new legislation. It is very important for the Chinese government that the yuan and the banking system are stable. This, in turn, is necessary to demonstrate that the Communist Party has everything under control.

Even though no precise instructions and laws have yet been adopted, many Chinese mining pools have already begun to scale back their activities and move equipment to other countries. Experts expect that government regulation of the cryptocurrency sphere will only get tougher, so they urge to prepare for the worst-case scenario.

Meanwhile, it was calculated what losses bitcoin traders suffered from May 17 to 23, when the first cryptocurrency plummeted by $13,000. The volume of unprofitable positions amounted to $14.2 billion. Experts made rough estimates and concluded that about 24% of wallets at this time are unprofitable since coins were purchased on them at a rate higher than the current one. Experts also believe that there is a fairly large number of participants on the market who may resume sales soon. These are all the same miners in China, investors who have doubts about the restoration of the "bullish" trend and "unprofitable wallets".

Thus, so far, everything is shaping up in the worst way for bitcoin. Recall that even a fall in bitcoin cannot happen in a couple of months. If we assume that a downward trend has now begun, then it can take from 2 to 3 years. Accordingly, a rather protracted fall of the first cryptocurrency, and with it, the entire cryptocurrency market, awaits us, because bitcoin continues to drag everyone down with it, then acts as a growth driver for many cryptocurrencies.





Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin: Institutions are making a comeback. Can we talk about a reversal?

Bitcoin managed to break through the resistance level 38,610.88 on Wednesday, marked with a red dotted line. The price rose above the psychological mark of $40,000 per coin. The news is still encouraging, although it is difficult to call them strong enough to create momentum. But perhaps you just need to wait a little longer.

Meanwhile, the number of Bitcoin addresses accumulating coins is growing every day this week. Now their number has reached a new historical maximum and is 545,115 units.

On Tuesday, May 25th, network data provider Santiment also reported an increase in the number of bitcoin whale addresses containing more than 1,000 bitcoins in an account. Over the past week, about 34 such addresses, belonging to major players, have been added to the network. This marks a record accumulation period in the past four months.

Experts point out that, on the other hand, a positive indicator is that deposits of bitcoin whales on exchanges have recently declined. At the same time, the supply of stablecoins on exchanges relative to the main cryptocurrency has increased dramatically. This creates the preconditions for high consumer demand in the short term.

In the meantime, hedge funds and other institutional investors are wasting no time in buying bitcoin, probably taking advantage of the situation while it is still not very expensive.

Also on Tuesday, Cathie Wood of Ark Invest announced that her funds had acquired $20 million worth of bitcoin. Wood remains a supporter of bitcoin, highlighting her firm belief in the positive future of the main cryptocurrency during the recent market crash. Wood claims that in the future, the price of the main cryptocurrency will reach $500,000.

As for the energy intensity of bitcoin mining, some hope is given by the mining council, which Tesla joined over the weekend. Elon Musk called his creation potentially promising. But whether miners will really look for sources of renewable energy to mine digital coins, time will tell.

Some experts point out that there are many difficulties in this matter since now the cheap energy of fossil coal is more suitable for crypto mining, moreover, companies in some places offer tax incentives for its use.

However, Shark Tank star Kevin O'Leary recently revealed that the flow of institutional money will start returning to bitcoin as soon as miners solve the renewable energy problem.

In the meantime, if you look closely at the 4-hour chart of bitcoin, you will notice the formation of an inverted head and shoulders reversal pattern. It is difficult to say whether this is really it, since the downward trend on which it formed is crooked. But the hint is accepted.

In any case, the closest target for BTC/USD growth is the level of 41,980.24. If it is broken and the price consolidates higher, it will be possible to talk about a larger-scale recovery of both bitcoin and the cryptocurrency market as a whole.







Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Analysis and forecasts for major altcoins

The cryptocurrency market practically won back the negative from China, as a result of which numerous mining companies, as well as the large crypto exchange Huobi, stopped working. The capitalization of the crypto market has been growing for the second time in a row, and over the past day, the value of all coins has grown by 5.5%, reaching $1.7 trillion.

Ethereum began to show positive and stable dynamics, which slowly leaves the local range and is approaching an important psychological mark. The asset has risen in price by 15% in 24 hours and is quoted at $2,820. Narrower price dynamics and daily trading volumes of $80 billion indicate a stable interest in cryptocurrency. Soon, ethereum will try to overcome the $3,000 mark and gain a foothold above it. The last time the coin approached this level was on May 19, as part of a powerful collapse in quotes. Given the current dynamics of the horizontal charts, there is no doubt that ethereum is moving in an upward trend and will soon successfully gain a foothold around the $3,000 mark. The cryptocurrency begins to move towards a historic high on the eve of the imminent renewal of the asset network, which will significantly increase the institutionalization of ETH. The positive was added by the former executive of the investment giant Guggenheim Partners, Todd Morley, who said that the ethereum ecosystem is developing much faster than bitcoin and can soon take a dominant position in the market. Recall that as of May 26, the share of ETH in the market is 18.4%.



Excellent growth dynamics is shown by the XRP/USD pair, which yesterday made several unsuccessful attempts to retest the $1 mark. As of 12:00 UTC, the token has risen in price by 12% and managed to gain a foothold in the region of $1.2. Having consolidated the success of several days, the asset consolidates the price in this section in order to soon start moving towards the level of $1.4-$1.5, where the cryptocurrency had difficulties. Despite its rapid growth, the token lacks a strong news momentum, like another news from the courtroom between Ripple and the SEC. The crypto asset will soon try to test the next difficult border, but it is unlikely to be able to conquer it without powerful information support.



Litecoin, which has come close to the psychological threshold of $200, is also very successful today. The cryptocurrency has risen in price by 16.5% per day, hovering around $199. The coin needs to gain a foothold above the $200 mark to be able to quickly overcome the buffer zone to the next mark of $230. Judging by the horizontal charts, if LTC fails to break through the round mark, then the asset has every chance of falling to $270, from where the cryptocurrency began to grow continuously to its current positions. Judging by the fact that the first test of the $200 mark ended in minimal failure (the asset reached $202, but rolled back to $198), there will be no problems with overcoming the designated milestone in the near future.



The main positive on the market was the positive conclusion of Elon Musk's meeting with representatives of North American mining companies. Soon, this area of the crypto industry will become more environmentally friendly, which will neutralize a significant part of the criticism of digital coins, and will also increase the range of interaction between large companies and cryptocurrencies. Another major event, also aimed at safer use of crypto assets, was the application to the SEC of the management company One River for the creation of the first-ever green Bitcoin ETF. The crypto market is reacting to excessive criticism and mining problems due to the stance of the Chinese authorities. As a result, the industry is adapting to the circumstances that have arisen, which inspires positive investors who are again building up their positions in the crypto market.






Artem Petrenko
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

LITECOIN Hot Forecast for 26 May

LTC retested support at $170 overnight.
A slightly higher high set over the last 24 hours.
Next resistance at $220.



Litecoin prediction is bullish as the market continues moving higher over the last 24 hours. The previous support at $170 was retested overnight, and further upside followed. From there, the market should move to break the $220 resistance over the next 24 hours.

The LTC/USD price moved in a range of $170 – $204, indicating a moderate amount of volatility for the cryptocurrency. The trading volume has decreased by 16.2 percent over the last 24 hours, while the total market cap stands at $12.8 billion, ranking the cryptocurrency in 15th place overall.

The overall market continues moving lower after setting a new all-time high at the $413 mark last month. From there, LTC/USD has retraced over 70 percent and established a new major swing low at $120. Therefore, bears are likely exhausted, and we can expect the market to retrace in a major way over the next few days.

Looking at the price action over the past week, we can see that bears managed to set only a slightly lower low on the previous push down. This means a push above the $200 could be the last lower high we see. From there, LTC/USD should establish a higher low and move forward with regaining the loss seen over the past weeks.

The first strong signal for a market reversal would be a clean break above the $220 resistance. From there, the Litecoin price should set a higher low and start to trend higher.





Jan Novotny
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Cryptocurrency market analysis on May 26, 2021



The wave counting of the 4-hour chart of the bitcoin cryptocurrency is absolutely clear and understandable on a higher scale. At this time, we see a classic three-wave correction structure a-b-c, which has already been completed at the moment. Thus, the construction of a new upward trend section has now begun (presumably) within the three-wave structure. Bitcoin is currently striving to overcome the peak of wave a, that is, to the 61.8% Fibonacci level, which equates to $42,500. After this mark is worked out, everything will depend on whether the attempt to break it is successful. If so, then bitcoin, inspired by success, can continue to be in demand with the target of $46,800, which corresponds to 50.0% Fibonacci. An unsuccessful attempt will lead not only to a resumption of the decline in quotes but also to a very likely transformation of the entire downward trend section of the trend into a five-wave one. In this case, I will look forward to the May 19th low update. That is, bitcoin could drop well below $29,000.

The news background for bitcoin remains very depressing. Even though the main cryptocurrency is quite actively recovering in recent days, its prospects are now rather vague. Most likely, the cryptocurrency will manage to reach the level of $42,500 or even a little higher, but it will be very difficult for it to return even higher, at least with such a news background. Let me remind you that, according to the latest information, China is going to introduce a ban on cryptocurrency mining, as well as ban all financial institutions from providing any cryptocurrency services. Thus, it will soon be impossible to mine cryptocurrencies in China, where the largest number of mining farms are concentrated.

In addition, Elon Musk regularly makes statements or messages on social networks, to whom the cryptocurrency market reacts even better than news from China. According to the latest information, Musk met with North American mining companies. The result of this meeting was the decision to form the Bitcoin Mining Council, which will control greenhouse gas emissions into the atmosphere. After this information, bitcoin rose to $40,000, but could not continue to rise. As I said, it will be very difficult for bitcoin to grow now. In addition, this is not such an important decision - for bitcoin, its prospects, and the environment. Let me remind you that bitcoin is mined in many places in the world. And not everywhere owners of mining farms are ready to use only "green" energy when mining. In China, for example, most of the mining farms are powered by coal-fired power plants, which work amazingly well on pollution.

Based on the analysis, I believe that the three downward wave structure is complete. The current wave counting indicates a possible rise within wave c, so I recommend small purchases of bitcoin for each MACD upward signal with targets located around $42,500. An unsuccessful attempt to break through the 61.8% Fibonacci level could lead to a new strong decline in bitcoin, but I hope more that in the coming year, the cryptocurrency will build complex corrective structures and will not resume the upward trend.





Chin Zhao
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Trading Signal for XRP (Ripple), for May 26 - 27, 2021: Buy above $ 0.8896



In the European session, Ripple XRP trading above the SMA of 21 and above 1/8 of a murray. The chart has formed a head&shoulder pattern, preparing for a new bullish wave.

The price of XRP has surged by more than 50% to $ 1.03 from the low created on May 23 at $ 0.65. As the price remains above the 0.8896 level of the 21 SMA on 4-hour charts, it is likely to continue climbing to the zone of $ 1.3357 in the short term.

On the other hand, a pullback to the 21 SMA could give the market a good attractive opportunity to buy at 0.88. Then it could continue its rise that will allow buyers to accumulate more bullish positions. Under these conditions, the XRP price is likely to rise to the $ 1.33 level of the 200 EMA.

On the contrary, if the XRP trades at the key level of $ 0.88, there could be a fall to the 0.66 zone to form a double bottom, and thus demonstrate to the market the strength of this support.

The technical reading of the eagle indicator is showing a bullish signal, since the moving line is aimed at buying levels and with a good way to go, this data also favors our bullish outlook for Ripple.

Our recommendation is to buy if Ripple breaks the 1.09 resistance zone, or on the contrary if it makes a retracement to the support zone of the 21 SMA located at 0.88, it will be a good opportunity to buy with targets at the 200 EMA about $ 1.33.


Support and Resistance Levels for May 26 – 27, 2021
Resistance (3) 1.2084
Resistance (2) 1.1317
Resistance (1) 1.0642

Support (1) 0.9549
Support (2) 0.8548
Support (3) 0.7781





Dimitrios Zappas
Analytical expert
InstaForex Group © 2007-2021