Natural gas faces a steep decline, testing key levels as it falls to a new retracement low and completes a 78.6% Fibonacci retracement. The current bearish correction has exceeded all prior corrections since February 2023, indicating increasing selling pressure. The price respected support at the 78.6% retracement level, but a daily close above the prior swing low and today's high is needed for a clearer bullish signal. If sellers remain in control, natural gas may head towards the completion of a falling ABCD pattern and the 88.6% Fibonacci retracement.
Natural gas is experiencing a bearish retracement, with the market falling to a low of 2.94. The decline is expected to continue, with the next support zone identified at 2.90 to 2.88. The monthly chart is showing a bearish inverted hammer candlestick pattern, indicating a potential reversal in natural gas. However, if natural gas can get back above the 200-Day EMA before the end of the month, it may remain bullish and attempt to reach new highs.
The XRP price rally has lost momentum as investors begin profit-taking, with the price struggling to break above the $0.85 resistance level. On-chain indicators suggest that whale investors may succumb to bearish pressure, as the Relative Strength Index (RSI) drops below 70. A cluster of XRP whales holding 10 million to 100 million coins has started selling, potentially causing the price to stagnate below $0.80. If retail investors follow suit, the XRP price could drop towards $0.70. The bears could target $0.70, and if that support level is breached, XRP may drop further towards $0.65. However, if the bulls manage to scale the $0.85 resistance, XRP could reach a new 2023 peak of $0.90.
