Ripple price analysis and forecast (Tuesday, August 14): Depression and doubt on cryptocurrency market, Bear is still dominant

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If Ripple price succeeds in crossing above the resistance zone around $0.26 and no reversal candlesticks appears, we can keep belief in the bounce back to $0.288

In chart H1, after a steep and sharp downward movement yesterday, Ripple price temporarily stopped its bearish trend with the formation of Pennant patern. There are two resistance zone of $0.26 and $0.25 to which the traders should pay attention (as marked in the rectangle). If a bullish candlestick can be created in the level of around $0.26, it is possible for the double bottom pattern  to be established, resulting in a short-lived tick-up of the XRP price. Besides, according to Bollinger Band, we can expect the formation of the double bottom pattern because the second bottom closed above the prior bottom and also closed above the lower band of the above-mentioned indicator. If the XRP price succeeds in crossing above the resistance zone around $0.26 and no reversal candlesticks appears, we can keep belief in the bounce back to the level of $0.288.

However, since XRP price continues to fluctuate within the Penannt pattern and there are no clear breakout signals, traders should not set any orders at this stage. It is probable for the cryptocurrency price to be dragged down to the level of $0.25. If this comes true, a further tumble to the strong support line of $0.21 is unpreventable. 

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Written by nami.today

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