Weekly altcoins analysis. Terra Luna Classic and Ripple (XRP)

The LUNC coin price has declined over three consecutive days, the price reversed from a downward trendline, and breached $0.000167 in local support. 

The current price of the coin is $0.000165, and a daily close below the mentioned support will intensify the current selling pressure. This development encourages further Terra coin price declines. 

A descending trendline governs the ongoing decline in the price of Terra classic coin. 

As the bullish divergence in the RSI indicator, which reflects the rate and magnitude of the coin’s recent price, indicates a greater likelihood that buyers will breach the trendline’s resistance level. 

The intraday trading volume of LUNC coins is $89,500,000, representing an increase of 11.2%. 

Under the influence of a descending trendline, LUNC’s price action has demonstrated a consistent decline over the past two months.

This resistance has been violated three times by the altcoin, indicating that traders are actively selling on rallies. 

Recent LUNC price reversal from the ascending trendline is a result of the ongoing volatility on the crypto market. As a result, prices fell 8% and are currently trading at $0.000165 per unit. 

If market sentiment remains bearish, the coin price could fall another 10% to retest the previous swing low support range of $0.00015-0.000147.

Losing the mentioned support would amplify the selling momentum and cause the price to plummet to the psychological level of $0.0001. 

In contrast, a potential breakout from this trendline will signal an impending price recovery. 

Statistical Indicators 

Relative strength Index

In contrast to the sideways price action, the daily RSI slope increased significantly, indicating an increase in buying activity at the lower level. This bullish divergence also increases the likelihood of the LUNC price breaking the trendline above. 

EMA

With the recent bearish reversal, the coin price has plummeted below the 20-day EMA slope, giving market sellers an additional advantage.

Daily LUNC Price Levels. 

• Spot rate: $0.000165 
• Bearish trend 
• Moderate volatility 
• Resistance level- $0.000167 and $0.000187 Support level- $0.00015 and $0.000125

The Ripple (XRP) Price Is Influenced By A Bearish Pattern; Maintain Your Position? 

For the past three weeks, the XRP price has increased in response to the inverted flag pattern. The altcoin has returned to the pattern’s support trendline and is attempting to regain bullish momentum. In addition, the reversal signals at $0.39 and the support trendline suggest the ongoing recovery will continue for a few more trading days. 

The long price rejection candles at the pattern’s support trendline initiate a new bull cycle. 

A bull cycle within the inverted flag pattern positions the XRP price for a 12 percent increase. 

Lastly The intraday trading volume of XRP is $823.5 million, representing a loss of 5.66 percent. 

Regarding the XRP price decline in early November, the ongoing recovery demonstrates the formation of an inverted flag pattern. This bearish continuation pattern is frequently observed in an established downtrend, and the break of its support trendline intensifies the selling pressure. 

The price of XRP is currently $0.389 and is retesting the pattern support trendline. In addition, the long-tail rejection candles, rising trendline, and $0.388 market price indicate a high likelihood of a bullish reversal. 

In contrast, the volume decline during the recent recovery suggests this bullish rally is temporary. Thus, if the selling pressure persists, this pattern will be triggered when a daily candle closes below the support trendline. In response to the chart pattern, the price of XRP may fall to $0.36. 

Technical Indicators

EMA

The level 20-, 50-, and 100-period exponential moving averages (EMAs) highlight XRP’s sideways price action. In addition, the movement of these EMAs above the coin’s price provides an additional barrier to price growth. 

Relative Strength Index

The daily RSI slope that oscillates around the zero line indicates market participants’ neutral sentiment. 

Spot price: $0.39 

Trend: Bullish 

Volatility: Moderate 

Resistance level: $0.4 and $0.46 

Support level: $0.38 and 0.03