XRP’s price is forming a reversal pattern as bulls defend a critical support level. Meanwhile, HUH Token has rocketed over 400% on its first day of trading and looks set for further gains.
XRP
Ripple (XRP) reached a low of $0.76 over the weekend, followed by a brief 10% run-up. This upswing was brief, and it resulted in the formation of another swing low near $0.76, resulting in a double bottom.
This bottom reversal pattern indicates that the downswing has reached its conclusion. As a result, investors can anticipate a noticeable increase in buying pressure, pushing XRP price back to the $0.96 resistance level following a 15% upswing.
Clearing this hurdle will pave the way for liquidity to be collected above the $1.03 swing high. In total, this rise from $0.76 to $1.03 represents a 30% increase.
XRP is also currently trading well below all of its moving averages on a 4-hour and daily chart.
4-Hour Chart According to TradingView
While XRP’s price is improving, a break below the $0.76 support level will signal increased selling pressure. If buyers are unable to maintain this level, the cryptocurrency may retrace to the immediate support floor at $0.68.
If Ripple forms a lower low below this level, it will invalidate any bullish outlook and may trigger a crash to the next level at $0.61. Here, buyers have another opportunity to recoup their losses before Ripple falls further.
HUH Token
New cryptocurrency HUH Token (HUH) has rocketed over 400% on its first day of trading and looks set for further gains. HUH’s initial coin offering (ICO) started at $0.00000564 but within just a few hours it surged to over $0.00003000.
Traders can still expect plenty of volatility as the new crypto finds its feet but looking at the 15-minute chart indicates that buyers have formed a base at $0.00002720.
15-Minute Chart According to TradingView
As long as this support floor holds the price is expected to continue its upward…
