XRP, BitTorrent, Dogecoin Price Analysis: 21 May
XRP could move sideways between $1.16-$1.23 before its next upswing. BitTorrent presented the possibility of a 30% price jump once the broader market recovers. Finally, a 25% rally awaited Dogecoin in case of a break above the $0.44-resistance.
XRP’s recovery was halted at the 38.2% Fibonacci level at $1.23 and selling pressure dragged the cryptocurrency back towards the 23.6% Fibonacci level at $1.117. With Bitcoin expected to trade within a range over the coming days, XRP could see some back and forth movement within its current channel. If Bitcoin manages to jump above $42k, bullish sentiment could trigger a hike above the 61.8% Fibonacci level and the 200-SMA (green).
A bullish crossover in the MACD could prevent a breakdown from the present support level. While the price-sensitive Stochastic RSI could oscillate between the overbought and oversold region, expect XRP to trade rangebound, awaiting broader market cues.
While BitTorrent remained rangebound after retracing from its early-April highs, the recent crypto-dump saw BTT lose out on two key support levels – One at $0.0060 and the other at $0.00512. Losses were finally cushioned at $0.00359 – A level that was last seen during end-March. Even though some bullish movement was noted over the last few sessions, the 20-SMA acted as a resistance and denied a breakout.
Over the shorter term, BTT would likely remain below the $0.0051-resistance and the 50-SMA (yellow). If this upper ceiling is surpassed once the broader market picks up, BTT could witness a 30% price hike towards the next barrier and the 200-SMA (green).
The Stochastic RSI was trading in the upper region and a pullback could drag BTT back towards $0.0035. However, the flow of institutional capital remained strong as CMF continued to trade above the half-line.
Post the SNL saga and cryptocurrency sell-off, Dogecoin found support at $0.323, which was actually an impressive development. Even though DOGE slipped to the 7th position on the crypto-ladder, it retained its top-10 ranking after a frantic couple of days – a reminder to cynics that DOGE’s rise to become a large-cap leader was not a one-time fluke.
On the 4-hour chart, DOGE saw a 20% jump from $0.323 and settled just below its 200-SMA, at the time of writing. The rally may have been driven by yet another Elon Musk tweet.
A hike above the $0.44-resistance and the long-term moving average could trigger a 25% price hike towards $0.569, but stronger cues were needed from the broader market. The RSI floated just below 40 and in bearish territory. A move above 50-51 could tilt the market strongly in favor of the bulls.
Finally, the Awesome Oscillator’s bullish momentum was interrupted by a single red bar and a second peak could lead to the formation of a bullish twin peak setup.