The Bears increased their pressure and the price decline further towards $7.4; the stock will soon reach the targeted price.
Resistance levels: $8.0, $8.4, $9.0
Support levels: $7.4, $6.8, $6.1
ACB Medium-term Trend: Bearish
On the medium-term outlook, ACB is Bearish. On June 11, there was a rejection of the increase in price by the Bears. The strong bearish engulfing candle formed at the resistance level of $8.0; this led to the declination of the price. As it was predicted yesterday, the Bears increased their pressure and the price decline further towards $7.4; the stock will soon reach the targeted price.
The ACB price is moving farther away from the 21 periods EMA and 50 periods EMA in which the price is below the EMAs; this indicates that bearish momentum is increasing in the XRP market.
ACB Short-term Trend: Bearish
ACB is bearish on the short-term outlook. The buyers have taken over the ACB market; this clearly seen on the 1- hour chart, when the Bears rejected a further increase in price at the $8.0 resistance level. ACB price declined towards dynamic support level with the formation of strong bearish engulfing candles. ACB price is near the support level of $7.4 as at the moment.
The MACD period 12 with its histogram is below the zero levels and the signal lines pointing down to indicate a further reduction in ACB price.
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