, from the perspective of market structure and technical analysis, there are a few interesting developments occurring.
Ideally, if Ether's DApps and active users continue to expand and traders keep accumulating, then in an otherwise down market, yield should be a capital magnet no?From a market structure point of view Ripple looks interesting, and there’s been a ton of social chatter about it on Twitter lately. Following the usual hopium-laced narrative, members of the XRP army have been suggesting that if XRP beats its SEC case and is not deemed a security, the price could “moon.
But as a word of caution, hype and expectation tend to trigger volume surges. Regardless of whether the SEC decides that XRP is a security or the opposite, investor excitement could still peter out and the price could simply trade in the same sideways range in perpetuity or until the “next bull market.”ALGO/USDT 2-day chart. Source: TradingView
If the wider market began to consolidate and ALGO buy volume sustains, flipping this moving average to support could see upside to $0.69, and daily closes above $0.80 would set a significant higher high that would indicate confirmation of a trend reversal.
Seems like a good time to buy some dips on Bitfinex.
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