After a massive dip, we do see ripple bouncing back towards the bullish side. The market has formed higher highs and higher lows lately, and is tapping the support second time, hence, making it a double bottom from where we can continue moving up to form another high. We will be taking a long from this current position of the support. We can simply take the long position after the breakout and retest.

The descending trendline is on the verge of breaking out for buys, which if validated, will confirm the bullish bias. That being said, we will have to look at the ascending trendline as well, which is being retested by the candles.

The retracement area of 61.8% is in confluence with the support level and has the potential to continue moving up after tapping the support.

EMA 50 is bearish but slightly above the current market price action. This indicates that the market has the capacity and tendency to push beyond this EMA 50 and turn the EMA into a bullish once.

RSI is at 54, which is the bullish region and the perfect level for the technical analytics aligned with other parameters to go long from the current position, if market moves up above the 50 region parameter.

Ripple on the verge

Dec 25 2022