Johan Tomasson, senior analyst at dagx.live trading platform, said that Ripple (XRP) continues to trade inside the symmetrical triangle as the attempt to break out of it failed. It has since then corrected to the 20-day EMA, which has started to turn up. If the price stays above the 20-day EMA, Tomasson expect the bulls to make another attempt to break out of the triangle. If successful, it can rally to $0.57259 and above it to $0.6250.
Contrary to dagx.live senior analyst e assumption, if the XRP/USD pair plunges below the 20-day EMA, it can slide to the trendline of the symmetrical triangle. A breakdown of this level will signal weakness and can drag the price lower. Therefore, traders can keep the stop loss on the long position at $0.37. Profits on about 40% of the positions can be booked closer to $0.45 if the next attempt to ascend it fails.
One of the Tomasson personal favorites, Litecoin (LTC) has been consolidating near the overhead resistance for the past few days. In a strong uptrend, when the pullbacks are shallow, it is usually an indication that further upside is likely. Both the moving averages are trending up and the RSI is close to the overbought zone, which suggests that the bulls are firmly in the driver’s seat.
If the LTC/USD pair breaks out and closes above $143.3047, it can rally to $158.91 and above it to $184.7949, think Tomasson from dagx.live. Therefore, traders can continue to trail the stops on the remaining long position below 20-day EMA. As the price moves up, we might suggest to tighten the stops further.
A breakdown of the 20-day EMA will be the first indication that momentum is weakening. The trend will turn down on a breakdown and close below the support line of the ascending channel.