Altcoin Market Seeks Momentum Amid Resistance Levels
The altcoin market is trying to extend its recovery from September's downturn. However, key resistance levels will determine whether tokens like XRP, Stellar (XLM), Dogecoin (DOGE), and Near Protocol (NEAR) regain stronger momentum.
XRP remains in consolidation after its August breakout. It's currently trading around $1.42 and is comfortably above its major moving averages. The token's 200-day EMA sits near $1.36, while the rising 20-day EMA is around $1.34.
The immediate support zone for XRP is now $1.33-$1.36, which includes the area around its 200-day EMA and the rising 20-day EMA. If XRP falls below this range, it could expose the $1.24 area around the 100-day EMA.
The RSI for XRP is around 61, indicating positive momentum without suggesting that the token is overbought. This leaves room for another move higher if buyers return.