The following technical picture is visible on the XRP/USDT pair chart (4h timeframe):
1. Price and trend
Current price: 1.8737
The price sharply fell to a minimum of 1.6134 but then quickly bounced back up - a reversal or correction is possible.
The current bar is a long green candle after a decline - a bullish pattern 'engulfing', a possible reversal signal.
2. Indicators
RSI (6): 43.65 - in the zone below 50, but already rising, indicating a recovery in demand.
Stochastic RSI: 47.70 - also rising, a transition to the overbought zone is possible - a bullish signal.
MACD remains in the bearish zone but shows signs of a slowdown in the decline (the histogram is decreasing).
3. Volumes
Trading volumes are increasing - especially on the last green candles. This may indicate the emergence of buyers.
4. Moving averages
The price bounced off the lower Bollinger band and crosses MA(10) from below - also a signal of a possible reversal.
MA(5) and MA(10) are still in a bearish crossover, but the gap is narrowing.
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Forecast (in the short term, 4h timeframe):
Nearest movement:
A rise to the area of 1.95-2.02 USDT is possible (MA resistance and middle of Bollinger).
If volumes hold and RSI continues to rise - the next target may be above 2.05.
Cancellation condition for the scenario:
If the price falls below 1.72 again, it will confirm the continuation of the downward trend with a target below 1.61.
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