the resistance zone of 0.87 (21 SMA) and 0.97 (5/8).
Last week, the currency and commodity markets were hit hard by the rise in the dollar after the Fed announced two interest rate hikes before the end of 2023. This data assured many investors to invest in the dollar as long-term safe haven.
The cryptocurrency market apparently was not affected by this data, but over the weekend we saw a drop in BTC and other cryptocurrencies losing more than 10%, and reaching critical levels of support.
On the other hand, Wall Street investment bank Goldman Sachs changed its mind and took another 180 degree turn in its stance towards Bitcoin in a report published earlier this week claiming that cryptocurrencies are not a viable investment.
At this critical point, where the cryptocurrencies are trading, it makes many investors mull over whether the fall of BTC has stopped or a new downward cycle will occur, or it will be the beginning of a new bullish momentum for all other cryptocurrencies. Such uncertain prospects make many investors frustrated. With any sign of a drop in the cryptocurrency market, investors dump their buy positions, thus causing more falls.
On the daily chart, we have pointed to the 200 EMA zone around 0.72. If Ripple makes a technical bounce at this level or consolidates above this zone, it will be a good opportunity to buy, as this is a key point. If Ripple loses this level, a fall can occur to the zone of 0.5859 (3/8).
The eagle indicator has been holding in the oversold zone for several days, and there is no sign of breaking out of the downward pressure.
Support and Resistance Levels for June 21 – 22, 2021
Resistance (3) 0.8991
Resistance (2) 0.8420
Resistance (1) 0.7975
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Support (1) 0.7155
Support (2) 0.6691
Support (3) 0.6246
