XRP looks likely to form yet another Doji candle on the weekly chart for this week of price action.
A Doji candle is a candle where the open and the close are around the same point and reflects uncertainty from traders regarding future price direction.
XRP has been forming Doji candles and small-bodied candles on the weekly chart since mid-January reflecting a lot of uncertainty from traders.
Both the weekly RSI and MACD have been trading mostly flat reflecting the consolidation we have been seeing.
Price has been trading within a triangle pattern forming both lower highs and higher lows.
Price has mostly been trading mostly around $0.313 which has been acting mostly as resistance.
Below price is a support level at $0.295 and above price lies a resistance level at $0.336.
Price is approaching the end of the triangle pattern. Price managed to break above $0.313 in recent price action, but it is questionable whether it can stay above as the triangle pattern nears its end.
It is uncertain which way XRP is likely to break from the triangle pattern or whether it will continue to consolidate given the uncertainty from traders for the past two months.
XLM has been one of the top performing major cryptocurrencies.
Data from Messari show it increasing 11.6% over the past seven days making it the top performing cryptocurrency in the top ten with the exception of Bitcoin Cash.
XLM started its outperformance last week where it broke above an ascending triangle pattern it had been forming.
An ascending triangle pattern is a bullish trend continuation pattern that forms when the price has formed higher lows and has also been meeting resistance.
Price managed to break above the resistance at $0.092 last week.
Price has since continued to outperform and has reached former support and resistance point $0.107.
With the daily RSI and MACD showing buying pressure to be high, there is an increased likelihood that price can significantly break above this level.
The next key level to monitor for XLM is $0.127 which has acted as both support and resistance in prior trading.
- XRP continues to consolidate and has not made a significant move since January.
- XRP is forming a triangle pattern, but it is uncertain how it will play out given the long period of consolidation price has been undergoing.
- XLM has been outperforming after breaking above an ascending triangle pattern it had been forming last week.
- Price of XLM has risen to resistance at $0.107. If it can break above this point, the next key level to monitor is $0.127.