Thanks to Bitcoin’s inability to climb out of its price range under $60,000 and the altcoin market losing its early-April momentum, the likes of XRP, Dogecoin, Cardano, and Ethereum were all flashing bearish signals at press time. This, despite the fact that each of them registered crucial price landmarks over the past week.
XRP
Source: XRP/USD on TradingView
XRP, contrary to popular expectations, has recovered well since the SEC-filed lawsuit forced the altcoin to fall to $0.28 on the price charts. In fact, ‘recovered’ would be an understatement, especially in light of the altcoin’s rate of growth this year. What’s more, it can even be argued that the aforementioned lawsuit was what fueled the pump in XRP’s value.
The last 10 days were XRP’s price action in a microcosm. XRP climbed by 32% in 2 days after Ripple execs filed motions to dismiss, following which, the alt followed BTC’s lead to depreciate by 28%.
Despite the scale of these corrections, however, XRP, at the time of writing, was noting YTD returns of 448%.
XRP’s indicators were leaning towards the market’s bears; however, a trend reversal hadn’t prevailed completely. While the Parabolic SAR’s dotted markers were over the price candles, Relative Strength Index was fairly close to the overbought zone.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
The industry’s most famous ‘meme-coin’ has been in the news lately thanks to its +450% hike over the last 7 days. In fact, such was the scale of the hike that DOGE, at press time, was the crypto-market’s sixth-largest cryptocurrency. Despite the crypto being affected by recent market corrections, the alt was also noting YTD gains of 5,431%.
For Dogecoin, its technical indicators were still painting a largely bullish story as Awesome Oscillator registered one red bar on its histogram and an uptick in market momentum, Chaikin Money Flow was firm around the $0.15-mark.
As a ‘meme-coin,’ there is perhaps no rational reason why the cryptocurrency pumped to hit its ATH recently.
Ethereum [ETH]
Source: ETH/USD on TradingView
Like its fellow alts, ETH has had a good 2021. In fact, it can also be argued that the world’s largest altcoin has led the alt rally, with the crypto recording its ATH of $2,544 less than a week ago. While Ethereum did so on the back of an uptrend worth 18%, the following downtrend saw the crypto fall by almost 14.5% on the charts.
At the time of writing, however, some efforts at price appreciation were underway, with the same accompanied by steady trading volumes as well.
Ethereum’s indicators, at press time, were favoring the market’s bears. However, the possibility of a trend reversal remained. While Parabolic SAR’s dotted markers were above the price candles, MACD line very close to Signal line. If a bullish crossover were to transpire in the near term, a trend reversal can be expected.
A recent analysis touched upon Ethereum’s liquidity, a factor that can play into the altcoin’s rally going forward.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, the crypto-market’s seventh-largest cryptocurrency, had noted a meteoric rise this year too, with the altcoin climbing on the back of quite a few ecosystem-centric developments over the past few months. Like in the case of Ethereum and XRP, ADA’s latest price corrections came on the back of weekly gains worth 23.5%, with the crypto touching its ATH only a week ago.
At the time of writing, with ADA trading at a price level of $1.26, the crypto’s Bollinger Bands were holding their form. This suggested that price volatility was unlikely to change much over the next few trading sessions. MACD, however, gave a clearer indication of the ongoing price trend, with the same dipping below the Signal line on the charts.
Cardano was in the news recently after it introduced a token registry for on-chain identifiers.
