The cryptocurrency market witnessed a sudden shake-up on Sunday, resulting in a drop in the value of most digital assets. Although many alts have managed to go on a recovery path, the evident bullish trend has been replaced with a bearish trend.
Dogecoin [DOGE]
Source: DOGEUSD on TradingView
The Dogecoin market indicated that the value of the digital asset has been rising over the past month given the hype in the market. However, DOGE has not been following any major trends in the market, thus when the price fell across the market yesterday, DOGE remained unaffected.
At the time of writing, DOGE’s value was moving along a restricted range of $0.3130 and $0.4082. However, the market has remained less volatile as indicated by the Bollinger bands, which were leaning towards the bulls as signal line remained under the candlesticks.
As the DOGE value consolidated, buying pressure was rising and moving the coin toward the overbought zone as indicated by relative strength index.
XRP
Source: XRPUSD on TradingView
The XRP market was hit with sudden volatility on Sunday, but it did not push the digital asset’s value under $1. XRP bounced back higher and was in the path of recovery. At the time of writing, the digital asset was being traded at $1.49.
The signal line moved under the price bars, highlighting an extremely bullish market. The momentum in the market which had dropped to the negative side has now been pushed to the positive and was on rising path. This was an extremely bullish market for XRP.
Cardano [ADA]
Source: ADAUSD on TradingView
Cardano price was holding on to the support at $1.35 when the rise in volatility pushed it under this support. Its value dropped to $1.04, but after much effort, the coin moved higher to $1.30. Although the digital asset has not been able to surpass the $1.35 resistance, the recovery has set it on a bullish path too.
Bollinger Bands, although wide apart, indicated that the price was on an uptrend. MACD indicator also noted the current trend to be bullish as MACD line crossed over the signal line. A trend reversal may take a while to visit the ADA market.
