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It may seem like there has been a lack of action on the cryptocurrency market lately, especially after the roller coaster ride it has been on, but as some indicators suggest, this may just be the calm before the storm.
AdvertisementAt least that is what can be said about the third largest digital asset right now — XRP, which recently regained the crucial $2 price level.
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However, things could change in the coming days and weeks, as a death cross has just formed on the three-day chart, with the 23-day moving average crossing the 50-day moving average. It is worth noting that the three-day time frame is not a common one, and its daily and weekly variations are more prevalent in technical analysis.
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But as trading has become more sophisticated, especially on the crypto market, the urge to look for some unconventional ways to evaluate the charts is obvious.
It is also useful to look at things from a different perspective, and in this way the three-day, not daily, time frame can open up something that the majority of market participants do not usually take into consideration.
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This time it revealed a death cross, an ominous interweaving of moving averages that usually precedes a downward move.
If this death cross is validated, the consequences could be quite painful, as the only strong visible support on this variation of the XRP price chart is the 200-day moving average, which is currently at $1 — 56% lower than the current price.
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Of course, nothing is set in stone, and chaos is at an all-time high lately, but this should definitely be taken into account with all the uncertainty around.