as per the materials from the site - By Times Tabloid
Critically important technical patterns and levels often shape cryptocurrency markets, and two popular assets, XRP and XLM, are currently facing a significant resistance zone that could determine their price trajectory.
Steph Is Crypto (@Steph_iscrypto), a technical analyst on X, recently shared this observation, noting the dynamics of both assets approaching key resistance zones after completing similar breakout patterns. This has prompted many market analysts to wonder whether these levels will hold or finally give way.
In the analysis presented by Steph, XRP and XLM on the weekly timeframe display nearly identical 'falling wedge' patterns. These patterns are typically considered bullish after a breakout to the upside, and both assets have indeed behaved this way.
The chart shows that both assets broke the upper trendline of the 'falling wedge' in July. Following this breakout, the momentum of each asset seemingly stalled near noticeable resistance levels.
XRP reached an all-time high of $3.65, and this level is currently holding, restraining further growth. Similarly, XLM faced resistance around $0.51, which limited its momentum in July and prevented it from reaching a new all-time high, including XRP.
Steph Is Crypto referred to these levels as critical resistance for both assets, overcoming which could pave the way for significant growth.
The resistance zones on both charts represent a clear barrier that has yet to be definitively broken. For XRP, a clear breakout and close above this zone on the weekly chart will be seen by many technical analysts as confirmation of the ongoing bullish momentum.
Other well-known analysts predict that breaking the $3.65 level could lead XRP to double-digit values. Until that happens, the price may remain locked below this level, consolidating or even retracing. XLM faces a similar scenario: a breakout could potentially lift it to a new all-time high, breaking the 2018 record. Legendary trader Peter Brandt recently shared an optimistic forecast for XLM, and if buying pressure increases, the asset could overcome this resistance and fulfill his expectations.
For XRP and XLM, this resistance zone is not just a technical level, but a psychological barrier, and traders are closely monitoring signs of strength or weakness.
#MarketRebound , #Сryptomarketnews
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