Radix Price Analysis: 50-EMA Fueled XRD When the Bears Failed to Maintain that Level; Is this an Upcoming Support?

• Radix coin once again trading above the 50-day moving averages, which stood to be a crucial horizontal resistance. 
• In the hourly time frame, XRD coin delivers the double to formation but bears still remain to pull down the price below the neckline. 
• The Radix coin price concerning the bitcoin pair is trading at 0.000003741 Satoshis, bullish by 6.07%.

The Radix coin has been falling for the past several weeks after noticing a 2021 year high of $0.65405. Since then, buyers have been the victim of a continuous decline and again came down to the lowest level ever. After such a correction, the bulls hope to make up for their losses by seeing a 31% increase in the price of the XRD token this week.

On Monday, the bulls again caught the bullish trend of XRD Coin by disrupting the sloping trendline (white) with decent trading volume. After an intense liquidation session that delivered a bullish spike, today, the bulls are facing a retracement phase at $0.161, down 2.1% at the time of writing. However, the XRD coin belonging to the bitcoin pair is trading at 0.000003741 satoshis, with an increase of 6.07%.

However, XRD Coin’s trading volume has been increasing during the bullish period over the past several days, indicating that buyers’ activity and daily volume bar are above the moving average. Meanwhile, the volume to market capitalization ratio is 0.0002612.

Will the $0.1830-resistance zone impact the bullish trend?

XRD coin overcame a descending triangle pattern and jumped above short-term resistance 20-EMA on Monday. However, the 50-EMA (blue) remained a red zone of prolonged volatility, which was also disrupted by buyers in yesterday’s trading session.

XRD buyers are turning towards a short-term bullish barrier at $0.1830 and $0.110 sits as a strong support area for the upcoming trading session.

The RSI has broken its resistance area of 47-point (noted in the chart) and is looking below the overbought area in the context of the daily price chart. Buyers still have a space to push the price higher.

The Average Directional Index (ADX) appears to be flat at the 25-level, which suggests a consolidation in the bullish momentum.

Conclusion 

Radix (XRD) holders need to manage the coin price in a bullish trend and break the nearest resistance level of $0.1830 as soon as possible. On the other hand, if they fail to break the bullish barrier, in any case, we could again see another consolidation phase down the middle of the horizontal range.

Support level- $0.11 and $0.085

Resistance level- $0.183 and $0.25

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.