20% XRP Surge Hints at $2, Bitcoin (BTC) Do Something We Don’t Want, Crucial Pepe (PEPE) Inbound Delivery, Here’s Where U.Today

U.Today – The price rose 20% to $1.166, continuing its amazing rally. Based on the Elliott Wave Theory, the current move corresponds to the third important wave of the bullish pattern, which is often thought of as the strongest and most important phase of the uptrend. This gap puts XRP in a position to hit a significant price in the coming days. After breaking above $1.00, starting the first wave, XRP went through a consolidation phase around $1.30 to form the second wave.

With strong momentum and increasing volume, XRP now appears to be in its third phase. In the past, this wave has a tendency to push prices higher than the previous move, attracting more buyers and increasing optimism. The next resistance level, $1.80, is one of the key levels to keep an eye on, while XRP’s momentum is still strong. If this level is broken, XRP may reach the $2.00 mark, an important psychological barrier and all-time high.

If XRP continues this way, $2-$20 can be considered as a long-term target. Instant Resistance is $1.80. In addition to this, the explosion confirms the power of the third wave. An important psychological and historical barrier that may hinder further market activity is $2.00.

$2.20: If the rally picks up more steam, this could be a top target. One of the downside risks is a drop below $1.30, which would test a wave formation and suggest a possible downtrend. Any corrective actions should be mitigated by the strong support that remains around $1.30.

Uninteresting market

As it made a lower high on the daily chart, Bitcoin is showing that it may be about to pull back. For Bullish traders, this is a concern because lower highs often indicate a decline in momentum and may suggest a more significant correction. Bitcoin is currently facing resistance that could limit its short-term strength despite its recent strong performance.

If the decline is high, it means that buyers are losing control and cannot drive the price up. As traders gain confidence and trading prices begin to decline, this pattern often comes before a long consolidation or a sustained decline. If Bitcoin does not surpass the recent high of $97,000, the current rally may be tested.

Currently, Bitcoin is trading around $97,500, just below the psychological threshold of $100,000. BTC should overcome the immediate resistance level of $98,000 to renew the bullish momentum. Support levels of $88,000 and $78,000 are important on the downside. The high-low pattern will be confirmed by a break below $88,000, which is likely to trigger a deep retracement to the $78,000 area, which corresponds to the 50 EMA.

The fact that the Relative Strength Index (RSI) is still close to overbought levels suggests that Bitcoin may need some cooling time before making another big move. It is also possible to be weak for a short period of time because the volume seems to be decreasing compared to the beginning of the session.

Pepe’s energy is high

Pepe is approaching a critical point, as its price is hovering around the 21-day EMA, an important support level that has continuously contributed to the continuation of its recent upward trend. The current short-term decline is reflected in the cryptocurrency’s consolidation below the descending line.

This series of events indicates that an outbreak is probably imminent in some way. The price of PEPE has recently been found at the 21 EMA, which shows how important it is as a support area. It may open the door for a bullish reversal, if the price can go above this level. A break below the 21 EMA, on the other hand, could lead to a more difficult correction; the next support levels are found at $0.00001746 and $0.00001350.

A consistent decline in trading volume is among the most telling chart indicators. This decline in activity often occurs before significant price movements because it represents a consolidation phase where traders are waiting for clear direction. PEPE is likely to experience rising volatility and break out of its current range if volume increases.

PEPE is under short-term bearish pressure, as indicated by the chart’s downward trend line. The price has struggled to break this trend line, which has blocked recent attempts to rise. PEPE needs to maintain its position above the 21 EMA and confirm a reversal by crossing the trend line with high volume to see a bullish exit.

This article was originally published on U.Today