Cryptocurrencies began to rise again this week after turning bearish last week. This has been happening since January when emotions turn on and off in the crypto market. After the November-January crash, cryptocurrencies did not hit new lows, most of them forming support zones, but financial market sentiment remains fragile and buyers tend to be more bullish. Could not resume. However, while Ripple and Phantom are still supported and are about to rise, let’s see if we can resume the bullish trend.
Phantom Daily Chart – $ 1.30 Hold Support Zone
Can FTM resume the bullish trend now?
Fantom is doing well in DeFi space, with a 2/1 ratio of TVL to market capitalization and using the cryptocurrency staking platform Stader Labs to bring leveraged DeFi to Fantom as well. It has maintained demand for FTM coins and has shown resilience in these bearish times. By mid-January, the FTM / USD pair had re-tested its all-time high after rebounding support at $ 1.30.
But the bearish sentiment of the crypto market caught up with Fantom, who retested the support zone in the last week of February. That support zone is retained and appears to be retained today, so hopefully it will be flipped higher and the ATH will be tested again. Last week’s decline is the result of Andre Cronje and Anton Nell, senior solutions architect at Fantom, leaving the entire project and cryptocurrency. However, FTM will definitely recover. This is because DEX Solidly went live in Fantom a few days ago and has already attracted a total of over $ 2 billion in locked values (TVL).
Ripple XRP Daily Chart-XRP is still trading between two MAs
100 SMA acts as a resistor and 50 SMA acts as a support
Ripple has also been bearish and high since April last year, but in February it saw an increase of more than 50% and stopped at 100SMA (green), which is functioning as a resistance. During this time, the SEC proceedings, which have been bearish on sentiment against XRP, may be moving in a positive direction. Emails and notes from Hinman’s 2018 speech will be passed to Ripple and are expected to end in a settlement. This should be enough for the SEC to accept it.
This is the main reason why XRP / USD did not fall, but 50 SMA (yellow) is also acting as a support. Therefore, XRP is currently stuck between these two moving averages as the crypto market fluctuates up and down within range. Ripple has repurchased $ 15 billion in Series C funding. This shows confidence from their side, and prices in recent weeks have also supported this, as other ciphers are testing lows during this time.
XRP / USD
