As the crypto fear and greed index drifted into a ‘neutral’ zone, XRP formed a bullish flag on its 4-hour chart and regained the crucial $0.83 level. Additionally, Avalanche saw double-digit 24-hour gains as it broke above its 20-50-200 SMA and flashed overbought values on its technical data. WAVES also confirmed the bullish edge and tested the upper band of Bollinger Bands.
XRP
Source: TradingView, XRP/USDT
Since the drop below four months Checkpoint (red) at $0.82 mark, XRP fell rapidly to hit its six-month low on Jan. 22.
After that, the bulls stepped in to defend the 10-month support at $0.56. As a result, with its 67.4% rebound since then, XRP reversed the EMA ribbons to the bullish side while testing the $0.9 sign (immediate resistance). For the past few days, XRP has seen a bullish flag and pole break out as it reclaimed the vital $0.83 support above its Point of Control. Now the alt is likely to face a classic bull vs bear clash in the $0.83-$0.9 range before tying to a trend.
At the time of writing, XRP was trading at $0.8343. After testing the 55 RSI-mark several times in the past week, bulls finally flipped it to support resistance. This trajectory confirmed the steady increase in purchasing power. To top it off, the Squeeze Momentum Indicator reconfirmed a phase of low short-term volatility.
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
Since AVAX hit its 14-week low on January 22, AVAX posted a staggering 78% gain through February 10.
Since then, it saw a setback and outage from the up-channel, but was quickly reversing from the $77 support. As a result, AVAX rose above its 20-50-200 SMA and recovered the vital support from $91. However, the six-week resistance near the $96 was still solid. If 20 SMA (red) crosses 50 SMA (gray), the probability of knocking over its immediate resistance would increase.
At the time of writing, the AVAX was trading at $95.24 after a 24-hour gain of 11.47%. While hovering in the overbought region, the bullish RSI saw an increase of 37 points in the past two days. A likely pullback would find test support near the 64 point.
WAVES
Source: TradingView, WAVES/USD
WAVES has fallen steeply since mid-October as it broke through multiple resistance points. The altcoin has lost nearly 46.5% of its value from December 17 so far.
For the past few days, the bulls have flipped the 20 SMA (red, average of Bollinger bands)[BB]) from resistance to support. WAVES continued to test BB’s top band as near-term technicalities swung in buyers’ favor. It added more than 17% to its value in the past day.
At the time of writing, WAVES was trading at $10,588. The RSI jumped from oversold territory to the 65 mark in the past two days. All retracements from here would find test support at the 55 point. Furthermore, the CMF confirmed the earlier analysis by revealing high volumes of money, in favor of the bulls.
This post XRP, Avalanche, WAVES Price Analysis: February 16
was published first on https://ambcrypto.com/xrp-avalanche-waves-price-analysis-16-february/
