Is This Coin The Next Shiba Inu? Analysts Say Just $100 In RTX Could Make You Rich If It Mimics SHIB’s 2021 Pattern FinanceFeeds
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XRP has staged an impressive recovery to reclaim the $2 price level after plunging to a weekly low of $1.657 in a steep midweek correction. The rebound comes at a crucial time for the cryptocurrency, with analysts paying closer attention to historical price behaviors and bullish technical patterns. Among them is EGRAG CRYPTO, a popular XRP analyst on X, who believes that the cryptocurrency could be on the cusp of a monumental surge reminiscent of its previous bull cycles in 2017 and 2021.
The Power Of Time Cycles And Exponential Moving Averages
EGRAG’s technical analysis focuses on a recurring structure seen in XRP’s past cycles, using the 21-period Exponential Moving Average (EMA) and 33-period Moving Average (MA) on the biweekly timeframe. According to his analysis, which was revealed on social media platform X, both the 2017 and 2021 rallies were preceded by similar technical setups: a sustained bottoming process lasting around 770 days followed by a bullish reversal.
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These phases were marked by what he described as “blow-off tops,” where XRP posted parabolic gains after bouncing off the 21 and 33 exponential moving averages. The current market structure, EGRAG noted, aligns closely with those previous cycles. After a prolonged bearish trend and a second recorded “bearish cross” in 2022, XRP has once again moved above both the 21 EMA and 33 MA.
In his view, this sets the stage for a similar breakout scenario, one that could play out before the end of 2025. EGRAG uses this pattern to suggest a timeline of roughly 770 days from the last major crossover in early 2022, placing the projected breakout target around September 29, 2025.
XRP Can Surge To $45
Interestingly, EGRAG’s price prediction based on the premise of how a similar 2017 or 2021 movement can play out for XRP. In 2017, XRP posted a rally of approximately 2,700%, and in 2021, a slightly lower surge of about 1,050%. By mapping those gains onto the current price structure, EGRAG predicted two potential targets: a more conservative $19 level and a bold $45 level. Between these two targets is a mid-range target of $27 which he has previously favored.
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However, the analyst warned that while chart patterns offer insight, they are not perfect predictors. In his own words, “Will it rhyme exactly? No, because if it were that easy, everyone would be a multimillionaire.” Still, the emotional patterns of market participants, human reactions and behaviors, tend to repeat to create opportunities where a previous price action might play out again, even if not 100%.
The analyst ended his analysis with a strategic note to long-term holders and short-term traders alike, consider a Dollar-Sell-Average (DSA) approach when the XRP price starts to climb.
At the time of writing, XRP is trading at $2.04, up by 2.6% in the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
- ETH’s price struggles to break above key resistance as the price continues to trade in a range mimicking the price of Bitcoin.
- ETH continues to struggle as price trades close to the demand zone.
- The price of ETH continues to look indecisive as price trades below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
The price of Ethereum (ETH) in recent times has looked like it has lost its steam to rally against tether (USDT) as the price has remained in a range-bound movement for over weeks. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of ETH has shown little or no volatility in its price movement as many fear for the price losing its key support. (Data from Binance)
Ethereum (ETH) Price Analysis On The Weekly Chart.
The bear market has been good and favorable for most projects, as this has been a tough time as most projects have seen a price decline of over 50% and have discouraged most traders and investors from hodling these assets.
Before the “Ethereum Merge,” the price of ETH saw an increase and rally from the price of ETH as the price outperformed BTC at the time, with many clamoring for $4,000 ETH, but this was just a mere wish.
The price of ETH after the merge has become a shadow of itself after the price rallied from a weekly low of $1,000 to a high of $2,030 before seeking a rejection in its price as the price of ETH attempts to break past the resistance at $2,030.
ETH’s price saw a decline in price from this region; the price tried to form a support at $1,600 but lost this support as the current state of the market continues to look tough and challenging. The price of ETH dropped to a low of $1,260, acting as key support as the price bounced off this region to a high of $1,300 as the price continued to hold sell-offs.
Weekly resistance for the price of ETH – $1,400.
Weekly support for the price of ETH – $1,260.
Price Analysis Of ETH On The Daily (1D) Chart
In the daily timeframe, the price of ETH continued to look indecisive as the price trends in a rectangular channel with a range-bound movement.
The price of ETH was rejected from a high of $1,430 as the price saw itself move in a range as the price prepared to break either upward or downward.
The price of ETH needs to break upwards and close above this range to resume a relief bounce for its price; if the price of ETH fails to breakout, we would see $1,260-$1,300 being tapped more often and could lead to ETH trading lower if these supports are broken.
Daily resistance for the ETH price – $1,400.
Daily support for the ETH price – $1,260.
Featured Image From zipmex, Charts From Tradingview
New Token Mimics Shiba Inu Arrival in Crypto Market Analytics Insight
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Markets are cyclical and go through alternating periods of positive and negative sentiment, with price action following the tone across the market. Although these changes appear to be difficult to predict, Bitcoin price is currently following a textbook market sentiment cycle chart from the book The Nature of Risk.
If what follows in the book continues across the cryptocurrency market, a major trend change is due. Take a closer look at the market sentiment cycle chart by Justin Mamis.
Is Bitcoin Following A Textbook Market Sentiment Cycle?
Markets tend to move in the same way. This is why certain technical analysis chart patterns can yield accurate results with an increased probability.
When zoomed out, even market cycles tend to advance in the same five-wave structure, according to Elliott Wave Theory. Those who dive deepest into technical analysis become convinced of its power to not only predict market behavior, but human behavior as well.
Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022
Ralph Nelson Elliott who came up with the theory also wrote a book on the secret of the universe he referred to as “nature’s law.”
Another author with plenty of stock market experience, Justin Mamis, also recognized these ties and penned the book The Nature of Risk: Stock Market Survival & the Meaning of Life. The market sentiment cycle chart below can be found within its pages.
Bitcoin versus Justin Mamis' market sentiment cycle chart | Source: BTCUSD on TradingView.com
All About Justin Mamis And Market Sentiment Cycles
Juxtaposed next to the Bitcoin line chart, is the same chart presented by Justin Mamis that highlights the many phases and emotions felt during a market sentiment cycle.
At the height of enthusiasm, buying the dip failing to be effective was a sign a trend change was due. Below the highest support lines breaking down caused the market to enter a stage of disbelief. Disbelief turns into panic, and as the asset bottoms out, the market becomes discouraged at the lack of movement.
Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead
At aversion, investors even feel a strong sense of dislike toward the asset and might even want to see new lows as a result. It is at this point when confidence begins to return and bearish traders are left in denial.
Justin Mamis is the former Assistant Director of the NYSE Floor Department, former Senior Vice President and Chief Market Technician at Hancock, and appeared frequently in Barron’s and The Wall Street Journal. In his own words, Mamis said in a newsletter:
A cycle begins with stocks climbing “a wall of worry,” and ends when there is no worry anymore. Even after the rise tops out, investors continue to believe that they should buy the dips…Unwillingness to believe in that change marks the first phase down: “It’s just another buying opportunity.” The second, realistic, phase down is the passage from bullish to bearish sentiment…Selling begins to make sense. It culminates with the third phase: investors, in disgust,…dump right near the eventual low in the conviction that the bad news is never going to stop…
Don’t believe the chart represents what could happen in Bitcoin? Well, then do the conditions in sentiment follow what Mamis told investors?
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com