Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Recently, XRP made an unexpected move below an important trend line that has served as the basis for price support in the past. The recent break in this trend line, which has been essential to maintaining XRP's upward momentum, may indicate uncertain times for this asset. The price structure of XRP is clearly changing, as evidenced by the movement below this line, especially when combined with the reduced volume associated with the decline.
A lack of strong buying interest is usually indicated by a decrease in trading volume, so it is important to monitor several key levels. At the moment, XRP appears to have the closest support level around $0.50. If the price remains above this, we may see some consolidation before a possible move higher. However, if this level fails to sustain, $0.46 will be the next important support.
XRP has a more stable floor at this level, below which it could lead to further declines and push the price closer to the $0.43 range. The $0.55 amount is a key resistance level on the upside. Retrieving this would mean some recovery for XRP, and if momentum holds, it could push back into the $0-$60 range.
Dogecoin is recovering
Dogecoin price has not been easily surpassed in recent trading sessions, recently hitting a major resistance level around $0.145. As you can see from the chart, DOGE is moving significantly higher with the 50 EMA, 100 EMA, and 200 EMA moving averages, all of which line up in a bullish pattern.
Typically, this sequence indicates an uptrend, but current price action indicates that DOGE may be nearing a near-term peak. Volume level is very important in this situation. Despite DOGE's efforts to raise its price, it has seen a decline in trading volume over the past few days. This discrepancy between price and volume usually indicates a decrease in buying pressure. When price stalls near a resistance level, falling volume often signals bullish momentum is weakening, increasing the likelihood of a retracement.
related
Long-term investors could benefit from a retracement if DOGE pulls back from this level, as it would give the price time to consolidate before attempting to break out above $0.145. It is important to note the support levels at $0.128 and $0.118. If DOGE falls towards these levels, it could gain strength from these support zones and possibly reset, setting itself up for a longer-lasting rally.
Ethereum may be ready
The fact that Ethereum appears to be leveling off at around $2,500 indicates that Ethereum may have reached a short-term bottom. In the past, this level has served as an important price floor and coincides with important trendline support.
According to the recent price movements of ETH, buyers are intervening to prevent further decline and increase the chances of the market reversing. This bottoming scenario is supported by a number of indicators. Selling pressure may have subsided, as suggested by the Relative Strength Index showing a neutral to slightly bullish trend centered around 47.
related
The recent decline has also led to a decline in trading volume, suggesting that the strong selling momentum may be waning. If volume increases to the upside, a reversal will become more likely. Moving average alignment must also be considered. Ethereum remains within an ascending channel despite trading below the 200 EMA, which usually indicates a long-term bearish trend.
Given that the 50EMA and 100EMA are slightly above the price, any upward movement could retest these levels as resistance. If ETH breaks out above them, the bullish shift will be further confirmed. If you are rejected, you may still be in the integration stage. Nevertheless, Ethereum's larger macro environment remains uneven.
