GMT, PancakeSwap, XRP Price Analysis: 03 May
XRP appeared to form a low timeframe range, while STEPN saw a strong bounce from an area of demand. However, the next day or two can be crucial for the crypto market as Bitcoin appeared to stand at a crucial juncture. PancakeSwap had a bearish leaning, but this could change if demand arrives following a shift in sentiment toward bullish.
Source: GMT/USDT on TradingView
On the lower timeframes, STEPN appears to have a bearish bias to it. As the weekend approached, GMT appeared to reach a local top at $4 and pulled back around 20% to reach the $3.15 mark. The previous day’s trading saw GMT bounce from this area of demand.
The A/R line was also in a downtrend, but not steep enough to wipe out all the buying of the past two weeks. This suggested that even though the pullback was deep, GMT could rise once more provided it can find demand at the $3.1 area.
The Awesome Oscillator showed a downtrend in progress as it continued to stay below the zero line, although the green bars of the past few hours indicated a minor bounce toward the $3.4 mark.
Source: CAKE/USDT on TradingView
PancakeSwap has an area of demand (cyan box) in the vicinity of $7.6. However, it has closed a session below this area and at press time appeared to retest it as a supply zone. Was the dip just an effect of a volatile Bitcoin, or has this zone been flipped from demand to supply?
The RSI on the 4-hour chart was below the neutral 50 line and, although momentum was neutral, it hinted at a bearish trend. No divergence was spotted yet. Meanwhile, the OBV has been setting lower highs since the beginning of April.
Therefore, further lows can be expected due to the lack of demand.
Source: XRP/USDT on TradingView
Over the past few days, XRP has traded within a range from
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