XRP - USDT on 1D interval Resistance and Support
Hello everyone, I invite you to review the chart of XRP in pair to USDT, on a one-day timeframe. Let's start by marking the first trend, but before the price can face it, it has to overcome the local trend. Next, it is worth marking the sideways trend channel with blue lines, as we can see, although the price left the channel up, we formed a Head and Shoulders formation and the price returned to the channel.
Now let's move on to determining the support and here we can immediately see that the price is currently based on a strong support at $ 0.35, the next support is at $ 0.29, but in this situation it is worth marking the zone from the lower border of the channel to support as a strong support zone from $0.32 to $0.29.
Looking the other way, we see that we have the first resistance at $0.36, the second resistance at $0.40, when we manage to break it and break above the upper border of the channel, we have a strong resistance zone from $0.43 to $0.46, which the price will have to deal with to measure.
Please also pay attention to the volume, which has definitely increased with the advantage of buyers. On the CHOP index, we see that most of the energy was used to stop the correction, the MACD indicator indicates that we have maintained an uptrend, while the RSI is moving in the lower range, which in the long run should result in an increase in the price.
Now let's move on to determining the support and here we can immediately see that the price is currently based on a strong support at $ 0.35, the next support is at $ 0.29, but in this situation it is worth marking the zone from the lower border of the channel to support as a strong support zone from $0.32 to $0.29.
Looking the other way, we see that we have the first resistance at $0.36, the second resistance at $0.40, when we manage to break it and break above the upper border of the channel, we have a strong resistance zone from $0.43 to $0.46, which the price will have to deal with to measure.
Please also pay attention to the volume, which has definitely increased with the advantage of buyers. On the CHOP index, we see that most of the energy was used to stop the correction, the MACD indicator indicates that we have maintained an uptrend, while the RSI is moving in the lower range, which in the long run should result in an increase in the price.
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