As the overall market outlook tipped slightly in favor of the bulls, XRP and Tron hit their multi-week lows on November 24. A near term bullish rally could occur if the bulls muster enough strength.
On the contrary, SAND saw skyrocketing gains when it touched its ATH on November 25, but has now shown signs of slowing down.
Since last month, Ripple’s XRP has witnessed a dynamic bullish versus bearish clash. From October 27, it oscillates within the ascending parallel channel (white). During this phase, XRP rose 35% to its two-month high on November 10.
Since then, however, the bulls have lost strength as the trend reversed. That pullback resulted in a 25.3% correction until the price hit its four-week low on November 24. With this fall, XRP formed a descending triangle pattern.
At time of going to press, XRP was trading at $ 1.0312. The RSI was in an uptrend since last week but struggled to cross the half line. Also DMI displayed a bearish bias. Even if AO was below the equilibrium level, this foreshadowed an increase in bullish power. However, the ADX showed a weak directional tendency. Additionally, a breakout of the descending triangle could occur if the bulls fail to gain momentum.
Since late September, TRX has held steady and has seen higher lows on its bullish channel. As of September 29, the alt has seen a return on investment of over 54% over 47 days. Thus, the rally triggered the price to its six-month high on November 15th.
However, bears have continuously shown resistance at the upper channel. As a result, the price returned to the trend after noticing a nine-day drop of more than 20% to its three-week low on November 24. This decrease has visibly pushed the price under 4 hours 20-50-200 SMA, representing a powerful bearish influence.
At time of printing, TRX was trading at $ 0.09896. The RSI attempted a recovery but could not cross the half line. Also DMI biased towards bears with a high directional tendency. Nonetheless, bulls can trigger an uptrend once the price drops to the lower channel.
The sandbox (SAND)
As times for the Metaverse space get exciting, SAND has undeniably defied the market trend and recorded exponential gains over the past month. From October 28, SAND experienced an exceptional rally of 508% touching its then ATH on November 18.
Price action has formed a ascending triangle pattern (yellow). Following the announcement of his upcoming project, the price broke and went into discovery mode. In addition, the recent to attach with Adidas and its developments in the metaverse stepped up price action to hit its ATH on November 25.
However, at the time of publication, the alt was trading at $ 7.1179 after noticing a 14.28% 24-hour loss. The RSI plunged from overbought territory to the 63 mark. DMI preferred the bulls, MACD and AO alludes to their diminishing strength.