Bitcoin’s rally to $28,000 could be a sign that bears are losing their grip, and charts suggest that XRP, ARB, EOS and AAVE could follow.
) has formed an inverse head and shoulders pattern, which will complete on a break and close above the neckline.The 20-day EMA is sloping up gradually and the RSI has jumped into positive territory, indicating that the path of least resistance is to the upside. If bulls drive and sustain the price above the neckline, the XRP/USDT pair could start a rally to the overhead resistance zone between $0.54 and $0.58. The pattern target of the bullish setup is $0.55.
This positive view will be negated in the near term if the price turns down from the neckline and plummets below the 20-day EMA. The pair could then descend to the important support near $0.40.The 4-hour chart shows that the pair is witnessing a tough battle between the bulls and the bears near the neckline. The rising 20-EMA and the RSI in the positive zone indicate a minor advantage to the buyers.
If the price rebounds off the 20-EMA, it will increase the likelihood of a break above $0.48. If that happens, the pair is likely to start its up-move. Alternatively, if the price turns down and breaks below the moving averages, it will tilt the short-term advantage in favor of the bears. The pair may then drop to $0.44.The bulls pushed Arbitrum back above the 20-day EMA on May 28, indicating the start of a potential recovery.The bears are likely to pose a strong challenge at $1.
If bulls want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. If they manage to do that, the pair may slip to $1.06 and then to $1.01. This is an important zone for the bulls to defend because if it cracks, the pair may witness a sharp fall to $0.73.The 4-hour chart shows that the bulls have pushed the price above the resistance line of the symmetrical triangle pattern. The bears are trying to stall the up-move at $1.
Contrarily, if the price turns down and breaks back into the triangle, it will suggest that the recent breakout may have been a bull trap. The bears will then try to sink the price back toward the support line of the triangle.
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