A cryptocurrency strategist is warning that two large altcoins could see major corrective moves following this month’s massive rallies.
Crypto trader Credible told his 473,800 followers on social media platform
A credible example is the Elliott Wave theory, which states that an asset can correct or consolidate after completing a five-wave upward explosion. During a 5-wave rally, bullish assets surge in waves 1, 3, and 5, with waves 2 and 4 serving as correction periods.
According to traders, XRP needs to maintain critical support levels to maintain its bullish momentum.
“And ladies and gentlemen, that’s an impulsive move into the 5th wave obviously with the sub-waves of XRP and everything.
this:
1. Confirm that the absolute bottom is $0.49.
2. A move below $1.05 (the origin of the 5th sub-wave) would mean a larger wave 2 correction is underway before the next shock (wave 3).
3. Holding above $1.05 means the fifth sub-wave is extending, which means we will see $2+ before a major decline occurs.”
As of this writing, XRP is trading at $1.37, down more than 7% on the day but up about 180% this month.
Traders looking at Dogecoin against Bitcoin (DOGE/BTC) warn that the pair is hovering around levels where a downside is likely.
“The BTC pairing is now at HTF (higher time frame) resistance. In fact, it is the only major obstacle between us and a new ATH (all-time high) for the BTC pairing, and also the point where a rejection for the entire HTF is most likely to be expected. If you’re not ready to hit new highs yet, take a look at past charts.
This means that if BTC stops holding $94,000 and instead sees a correction back to $80,000, DOGE will likely take a huge hit.”
As of this writing, DOGE/BTC is trading at 0.00000431 BTC (equivalent to $0.42).
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