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Alternatively, if the $0.4 level rejects the price, the lower limit of the channel will be the next important level of support.. (chain-point price analysis) . After four consecutive weeks of extremely low volatility price fluctuation, xrp finally started a rebound and broke over the 50-day moving average.
However, the upward trend stopped after hitting the 100-day moving average, and the price is now trying to overtake it. 50-day moving average has acted as price resistance for a number of months. This resulted in a rally toward the next critical resistance level, which stands at $0.4.
Presently, the cryptocurrency is up against a significant resistance region, which includes the 100-day moving average and the static resistance level of $0.5, which also aligns with the channel’s upper trendline.
As a result, the critical resistance level was raised to the next level, It amounts to $0.4.00, the cryptocurrency is confronted by an important region of resistance, which includes the 100-day moving average and a static strength of $0.5, that also lines up with the top trend line of the channel. Should this region break, the market should expect a push to the next resistance level of $0.55.
However, if the price does not exceed the level referred to above, short-term consolidation would be the most likely outcome. In the 4-hour period, price formed an upward price channel model, and after being sustained by the lower trend line, it began to progress.
However, the strength level of $0.4 has halted the recovery for the time being, leading to a consolidation of prices in the short term. If the cryptocurrency exceeds the $0.4 level, the middle trend line of the channel and the $0.5 levels will be the next hurdles to overcome.
