The nature of trading on the altcoin markets on January 31 will determine the degree of influence of new fundamental factors on the global cryptographic market.
XRP / USD
On the news about the partnership of the financial giant SWIFT with the blockchain consortium R3, the price of Ripple in a matter of hours has increased to the level of $ 0.3288. At the time of the market review, the XRP / USD pair is trading at $ 0.3263 in the range of $ 0.3270-0.3225, the boundaries of which are represented by key levels R1 and R2.
The current price is supported by the moving average EMA100 with a value on the scale of the four-hour chart of $ 0.3208. If the bulls fail to consolidate above the key resistance level of $ 0.3270 before the completion of the daily trading, the lower limit of the correction will expand to at least $ 0.3183.
However, the growth in purchases indicates a high probability of resistance breakdown at the upper boundary of the correction range, followed by an increase in the Ripple price to the third key resistance level R3- $ 0.3350.
Despite the relatively strong increase in the price of cryptocurrency, the relative strength index values remain in the area of purchases. The RSI14 intersection of the overbought area will signal the start of a new round of major cryptoactive purchases.
BCH / USD
On a strong growth momentum, the price of Bitcoin Cash overcame sales resistance at key levels of $ 112.00 and $ 116.60. The resistance of the BCH / USD pair met at a strong mirror level of $ 119.50, at which in the period of January 10-28, the bulls kept the price under increasing pressure from cryptocurrency sellers.
At the time of the review of the market, BCH / USD is trading at $ 116.60. An analysis of the four-hour chart of the pair shows that the bulls need to overcome resistance in the range of $ 119.50-123.80 in the short term to break the bearish pressure.
In turn, the breakdown of support at the level of $ 116.60 will open up the price of cryptocurrency to reduce at least to the level of S2- $ 112.20.
LTC / USD
At the time of the market review, the LTC / USD pair is trading at $ 32.55 above the reversal level of the short-term trend of $ 32.30. The level enhances the moving average EMA100 with the current value of $ 32.45.
From a technical point of view, trade in lightcoin above pivot will allow attracting new buyers to the market. To break the bearish trends in the market, buyers of cryptocurrency need to overcome resistance in the range of $ 32.30-34.30.
The relative strength index data point to the situational advantage of buyers in the lightcoin market. The value of the index in the field of purchases, the indicator line turns down, confirming the correction of the short-term upward movement. We believe that the price correction may reach $ 31.95 at the local support level.
Trading recommendations are not a guide to action. Following the recommendations, you assume the associated risk of loss of funds.