Theta Network, Ripple Price Analysis – 6 August
Ripple has its price in the pivotal range between $0.7 support and $0.75 resistance.
THETA registered double-digit surges.
Friday sessions saw the crypto market turning somewhat bullish. However, most digital assets lacked enough momentum to maintain the uptrends. For instance, Bitcoin managed to climb over $40,000 but stalled beneath $42,000. It seems like Bitcoin bulls are up again in their mission to take Bitcoin towards $50,000.
Ethereum managed to rally near $2,800 after completing the London upgrade. However, the altcoin did not manage to gain over $3,000 as predicted. While writing this, the ‘smart’ contract project finds support beyond $2,700.
Ripple’s XRP surged to $0.75 but registered an intraday high at $0.744. Meanwhile, bulls will have to accumulate the required momentum to overcome the massive barrier near $0.75. While writing the news, XRP retreated towards $0.73 as XRP hunts daunting higher support.
The 12-Hrs MACD indicator shows that the sellers are somewhat in control of the Ripple network. Keep in mind that a sell sign showcased as the 12-d EMA crossed beneath the 26-d EMA. Ripple will continue to struggle with recoveries towards the $0.8 mark if it sustains this level.
Also, the RSI indicator exhibits bearishness, dropping gradually towards the overbought territory to the mid-line.
Meanwhile, XRP still trades over the 50 SMA and the 100 SMA, highlighting a bullish outlook. Besides that, buyers might cement their trading position as the 50-SMA crossed over the 100-SMA. That way, XRP has chances to gain towards $0.8.
Theta Network outperformed other alternative coins, gaining double digits today, Friday. The crypto has witnessed extended bullishness over the last few weeks as bulls aimed to take the asset over $10. Buyers gained confidence as the coin broker over a 4-month descending line.
At the moment, THETA trades at $6.9 after the $7 rejection. The altcoin might sail through if bulls magnify their efforts around this zone. MACD indicates bullishness after fluctuating over the mean line.
Massive bulls’ activities can take THETA over $7 and possibly break the 200 SMA resistance. However, with losses, the 100 Simple Moving Average will prevent the token from plunging beneath $5.
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