Ripple XRP price went ballistic on Wednesday during the European trading hours. The cryptocurrency ignored the bear pressure in the market and became the shining star of the top ten digital assets by market capitalization. The uptrend was ignited around $0.430, although Ripple had dipped farther down to trade lows of $0.4623 on the day.
A bullish momentum was triggered following the break above the 23.6% Fib retracement level taken between the highs of $0.4642 and the lows of $0.4256 at $0.435. An engulfing candle spiked at this point overcoming the trendline support on the chart, while another engulfing candle took over at $0.440 and the last candle at $0.451 which pushed the price slightly above $0.460 before running into resistance short of $0.470.
Ripple is exchanging at $0.4526 at the time of writing after the sellers battled for equilibrium after the bullish spike. XRP/USD has been supported at the 50% Fib retracement level. Moreover, there is another bullish trend in progress supported by various technical indicators like the stochastic which is pointing north, the MACD is sitting square in the positive territory while the 100 simple moving average is offering support at $0.440 (coinciding with the 38.2% Fib retracement level).
Qtum (QTUM) Price Analysis
QTUM is another altcoin correcting higher on the day that the cryptocurrency market is sinking in red rough waters. The asset has defied the bears and is rising above the pressure to break key barrier following the declines on Tuesday 31. Significantly, it is trading at the narrowing end of a contracting triangle pending another upside breakout.
This crypto has come under heavy selling pressure throughout the month of July and the reverse trend to the upside is a breather for the battered bulls. After starting of the trading on Tuesday morning at $7.4, QTUM/USD traded lower highs and lower lows closing the session at $6.89. The trading on Wednesday, August 1 extended the declines in the early hours of the session. The price tanked below the 23.6% Fib level between the lows of $6.50 and the highs of $7.00 at $6.50.
The overarching declines in the past couple of days had exhausted the sellers after maintaining oversold levels, hence the buyers found an entry. The crypto has corrected higher for the most part of the day, although the resistance at $6.8 is capping the gains despite the buyers’ effort to recoil higher.
The contracting triangle resistance is also limiting the gains, but a break above it will pave the way for the price to test and reclaim $7.00. In the meantime, the 61.8% Fib level at $6.75 is the short-term support, but a stronger support rests at $6.70 and $6.50 respectively.
ICON (ICX) Price Analysis
Although ICON (ICX) is currently trimming gains at the time of writing, it has been correcting higher on the day. Following the declines that kicked off at the beginning of the week, ICX/USD changed hands as lows as $1.009 at 05:30 GMT. However, the downside was protected at this level preventing a slide below $1.00.
ICON price has been bullish, but bear pressure keeps holding it back, significantly, the resistance at the 61.8% Fib level of the last drop from the highs of $1.115 and the lows of $1.009 has capped movement at $1.075. ICON buyers have their eyes glued on $1.10, but first, the resistance at $1.080 must be overcome.
Similarly, a break above this level will allow the buyers to curve a trajectory path beyond $1.10 in the medium-term. On the flip side, a weak support is highlighted at $1.06, but there is a trendline support above the 50% Fib level. Moreover, the 100 SMA on the 15-minutes chart will offer support at $1.048.