Bitcoin price rises above the fundamental range, suggesting the beginning of a healthy rally that may transform into a bull run in the future. This has induced strong bullish momentum in the markets, due to which the popular tokens have skyrocketed by a decent margin. However, some altcoins like XRP and Avalanche (AVAX) are feared to lose their gains as soon as the bears are about to knock on the door, triggering a significant correction.
Ripple Price Analysis (XRP)
He XRP price has experienced significant downward pressure, which nullified all gains made with the final ruling in the Ripple vs. SEC. The XRPArmy seemed to struggle to maintain the momentum, but the bears left no stone unturned to keep the price range-bound. XRP price is trading within a bearish pattern and hence, it is believed to post huge gains in the coming days.
XRP price is trading within a descending triangle and has failed to break above the overhead resistance as of late. Considering the current trading setup, it appears that the XRP price is trading under a marked bearish influence. The token, which has been testing new supports since July, is expected to maintain a strong downtrend, which will soon lead to a major drop. The triangle remains active and lower highs are formed below the 50 EMA.
Furthermore, the falling RSI suggests a major drop in volume, supporting the bearish claim. Therefore, it is believed that the price after reaching the apex will fall near the first support at $0.56, and if the bulls fail to fight back, a major drop below $0.5 may be imminent.
Avalanche (AVAX) Price Analysis
He avalanche price The rally has drawn attention as the token has managed to surpass 400% since November. Despite this, the price failed to break above the pivotal zone of around $50 as it faced a major rejection at $49.96, leading to a 20% drop. Although the token has sparked a bounce, the bulls seem unable to sustain a rally.
After producing an excellent 480% rise from the September lows, the price fell as volume hit new lows in December. Volume continued to increase throughout waves 1 to 4, and through waves 4 to 5, volume fell, which may trigger a correction. The most telling sign of all is the inverted cup or rounded top pattern, which suggests that the top is inside. Therefore, one last surprise move before the correction.
Furthermore, AVAX price managed to close and hold below EMA21, suggesting that there could be a drop or correction on the horizon, which could end in a higher low compared to September before long-term growth.
