As BTC’s fear & greed index flashes an ‘extreme fear’ condition, most cryptocurrencies reflect the impact. XRP displayed weak technicals as BitTorrent and Tron lost critical levels that bulls kept for months.
Ripple (XRP)
Ripple (XRP) has oscillated within the $0.88 – $0.77 range since December 7. The SMI (Squeeze Momentum Indicator) continued to flash black dots while resonating with the alt’s consolidative tendencies.
XRP bulls broke past $0.88 after an up-triangle breakout. That had the alt dropping under the 20-50 Simple Moving Average lines quickly. The downward move saw a down-channel on the four-hour chart.
The 50 Simple Moving Average served as a critical resistance over last week as XRP hovered under the mark following multiple testing. If price movements breach this level, bulls will encounter immediate upward resistance at $0.84.
While writing this article, XRP hovered near $0.8113 following a 25.8% monthly plunge. The RSI has struggled to overcome the 55-level within the last nine days. Moreover, the Volume Oscillator displayed lower highs, showing feeble bullish movements.
Tron (TRX)
TRX saw a symmetrical triangle down-break yesterday as fear sentiment in the market surged. Investors anticipated the fall because of the double-top downswing on December 4. Moreover, the alt showed a red candlestick on December 17 after the updates that Justin Sun was quitting his position at Tron Foundation.
Bears showed control as TRX witnessed a more than 9% decline within 48 hours. The coin lost the 4-month long barrier of $0.82. With that, the altcoin dropped towards $0.078 for the 3rd time within 18 weeks. That had the Supertrend in the red area while flashing sell gestures.
While writing this article, TRX stood at $0.0805. The RSI swayed sideways after dipping inside the oversold area. The OBV hovered near a 7-week low, confirming reduced buying momentum.
BitTorrent (BTT)
BTT weakened persistently after breaching $0.004198 on December 8. The crypto oscillated within a downward channel over the past few days and displayed a 36.6% downswing during the time. Meanwhile, BitTorrent lost the 19-week footing at $0.003088. The downswing halted the previous double-bottom breakout’s neckline at $0.002609. Consequently, BTT bounced back from the level after three retests by bears.
While writing this article, BitTorrent traded near $0.00266. The Relative Strength Index preferred bears and formed lower highs since December 7. Moreover, the MACD and DMI line move in bears’ favoritism.
