Monero (XMR), Ripple (XRP), Vechain (VEN) Technical Analysis 19th June – It’s a Volumes Game
Like Bitcoin and the rest of the crypto market, Monero has opened low, and looks set to head lower. Looking at the weekly charts, Monero broke below the 55-day support level 3 weeks ago, and the next support level is at $82.
The only possible reason that could lead to a reversal of this trend is an increase in volumes. In the day, Monero is in a tight but declining range. That’s an indicator that there is very little money getting into Monero, and the crypto market in general.
For an entry order into Monero (XMR) with a 24 hour target, the 12-hour chart offers the best entry points. In the last 12-hours, Monero (XMR) is trading on a strong support level at $122. If volumes push up in the market, Monero could rise to $158, which is the next resistance level on the 55-day moving average.
However, such a move would be short-term at best, given that the overall momentum is negative. That’s why keeping a keen eye on volumes is the best decision at the moment. If they increase and Monero breaks above $168, that would be an indicator of a bullish reversal.
In the weekly charts, Ripple (XRP) is trading on a major support level. Actually, ripple (XRP) has formed a clear double-bottom, which is a sign of a possible bullish reversal. The only thing that can invalidate this pattern at this point, is ripple (XRP)-specific bad news, or a continued decline in volumes.
The latter seems most likely given that the entire market is dealing with very low volumes. In case the market volumes continue to decline, ripple (XRP) could break lower and head towards $0.25, which is the next major support-level to the downside.
Looking at the day charts, ripple is dropping, albeit slowly, due to the low volumes in the market. This is quite different from the behavior of the rest of the market. It could be an indicator that there are very low sell volumes for Ripple, and that the weekly double-bottom could hold.
In essence, if there is a slight increase in volumes, ripple (XRP) could test $0.68 along the 100-day moving average. However, it is best to continue looking at the volumes, just to see if they will hold, or continue declining. The 12 hour chart offers the best idea of how intra-day volumes are moving.
Vechain has opened the week with a slight buying momentum, but that doesn’t imply that it is bullish. It can only turn bullish if it rises above $3.59 and invalidates last week’s price drop. Looking at the day the charts, Vechain (VEN) has the chance to rise to $3.35.
However, unless volumes rise significantly, this rise is unlikely to be sustained. It could actually be a good chance to short Vechain with $2.62 as the next support level.
In essence, the best move at the moment is to watch the volumes. If they increase, it would make sense to buy into Vechain (VEN).
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.