Ripple and IOTA Technical Price Analysis: The bulls are holding ground while upside gains are capped

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Ripple (XRP) price analysis

Ripple (XRP) is feeling bullish in a cryptocurrency market that is pushing to recover from the lows that were recorded in the previous week. The entire crypto market had been submerging in selling pressure due to speculation emanating due to regulations from authorities. XRP/USD even traded December 2017 lows of $5.4. The price, however, found support at this level and embarked on an uptrend momentum that saw it exchange hands at highs of $0.72. Ripple has been trading in lock-step during Monday trading, although it made considerable gains of about $1.4.

At the momentum, XRP/USD is trading above the near-term 50-simple moving average which is crisscrossing the longer term 100-simple moving average trendline at $0.65. This shows that Ripple price will consolidate closer to this level if the bulls lose their grip in the market. Both of the trend indicators are, however, in an upside sloping direction to confirm the uptrend. Currently, Ripple price is forming a bearish trend at $0.70. The immediate support level for Ripple (XRP) is at $0.66.

The price broke above the 50% Fib retracement level with the previous swing high of $0.82 and a low of $0.54. The retracement is now acting as a short-term support level. The upside gains have been capped below the 61.8% Fib retracement level with the last high at $0.82 and a low $0.54. Significantly, this is a critical hurdle in the path of recovery towards $0.72. For XRP/USD to experience further gains, the price must break above this level which could then see the price head closer to $0.82.

IOTA (MIOTA) price analysis

IOTA (MIOTA) price is skyrocketing and recording over 13% increase in the last 24 hours. IOTA has been praised as the most innovative digital asset of the 21st century. IOTA has sustained the upside gains initiated on Saturday last week. The price bounced from the lows of $1.00 and is now exchanging hands at $1.46. The buying pressure is on the rise as seen on the hourly chart where IOTA is trading above both the 50-SMA and the 100-SMA. The trend indicators are sloping upwards while the gap between them is increasing to show that IOTA price is not ready to consolidate.

Currently, the upside momentum has been capped below the 50% Fib retracement level with the last high at $1.96 and a low of $1.00. IOTA will encounter strong selling pressure at $1.5 as price attempts to correct higher. The short-term support for IOTA (MIOTA) is at $1.28 while the major support level at $1.25 is also the 23.6% Fibonacci retracement level with the last high at $1.96 and a low of $1.00.


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