The cryptocurrency market has been uncertain about what to do this week, after the bearish period in November and the flash crash last weekend, which made cryptos suffer some heavy losses. This week though, the decline has stopped and cryptos have tried to reverse higher, but have failed to do so, with Ripple and Fantom failing at the resistance indicators. So, let’s have a look at where they are headed right now.
Ripple Daily Chart Analysis – The 200 SMA Turns into Resistance
Ripple coin hasn’t shown many signs of life since September, when other major cryptocurrencies made some major gains. The main thing that has been keeping Ripple down has been the lawsuit with the SEC in the US. The outcome of this lawsuit will lay down the basics for the regulation of the crypto market, which is the reason for the increased interest in this case.
Meanwhile, Ripple’s attorney, John Deaton, thinks that Ripple will see a strong bullish run if the case goes in Ripple’s favor. According to him, if the case ends with a favorable ruling for Ripple and the crypto market is on a bullish phase, then XRP/USD could easily surge to $5.
Ripple did try to turn bullish this week, after falling to $0.60 over the weekend, but the 200 SMA (purple) which was acting as support on the daily chart in previous months has turned into resistance now. The price formed an upside-down pin below that moving average, which is a bearish reversing signal, so down it goes. I would like to buy XRP/USD for around $0.50 to $0.60; therefore I am following the price action.
Fantom Daily Chart Analysis – Remaining in the Phantom Zone
FTM/USD trading between
Fantom was extremely bearish from August until the end of October, which sent the price more than $10 higher. The previous highs kept turning into support for FTM/USD as it increased to $3.48. But, November turned out to be a bearish month for the market, sending the FTM price down as well.
The 100 SMA (green) turned into support on the daily chart, but the weekend crash took the price another leg down, to below $1.20, where this crypto met the 200 SMA (purple) which held as support. The crash has ended, but the bias is still bearish in Fantom, so the price is sliding lower, either to the 200 SMA again, at $1.20, or to $1, which would be a good place to buy this crypto. Fantom has formed partnerships with 123swap and the Swiss-Bangladeshi technology house SELISE, which should help the price once the bearish mode ends in the crypto market. So, the area around $1 to $1.20 is a good place to buy.