Connect with us
Active Currencies 14309
Market Cap $2,527,008,018,764.10
Bitcoin Share 51.60%
24h Market Cap Change $0.86

XRP, Dogecoin, Cardano Price Analysis: 13 May

3min Read

Share this article

With the exception of perhaps Ethereum, the rest of the altcoin market was already on a steady downtrend before Bitcoin fell on the back of Tesla suspending BTC payments. Following the same, the said downtrend became even steeper, with the likes of XRP and Dogecoin continuing to bleed losses. On the contrary, others such as Cardano had recovered most losses by press time.

XRP

Source: XRP/USD on TradingView

XRP’s recovery since its freefall on the back of the SEC filing a lawsuit against Ripple Labs has been incredible, with the crypto noting YTD gains of 435% at press time. This figure, however, was much higher until a few days ago before the downtrend set in. The same gathered even more pace on the back of BTC depreciating. At the time of writing, XRP had lost over 20% of its value in just a week.

With trading volumes found to be average at best, a bullish switch cannot be expected in the near term unless something drastic happens.

The bearish turn of events was evidenced by the findings of the crypto’s technical indicators. While the Parabolic SAR’s dotted markers were found to be placed above the price candles, the Awesome Oscillator pictured a fall in market momentum.

XRP was in the news recently after Ripple’s Garlinghouse suggested that he was happy, but frustrated with how the aforementioned lawsuit is going.

Dogecoin [DOGE]

Source: DOGE/USD on TradingView

Contrary to popular expectations, the last few days haven’t been great for the DOGE community, with many in the market left lukewarm by Tesla CEO Elon Musk’s appearance on a recent episode of Saturday Night Live. In fact, Dogecoin has been on a downtrend since, with the meme coin depreciating by over 40% in less than a week.

DOGE’s Bollinger Bands were still fairly divergent, at press time, a sign of some price volatility being projected. The market’s bearishness was perhaps best represented by the Relative Strength Index, with the same dipping sharply towards the oversold zone on the charts.

Here, it’s worth noting that DOGE’s performances have also fueled discussions on what would be a good profit-taking level, especially since most DOGE holders are looking for short-term ROIs.

Cardano [ADA]

Source: ADA/USD on TradingView

Cardano, the cryptocurrency ranked sixth on CoinMarketCap’s charts, was an anomaly at the time of writing. Like XRP and DOGE, ADA too fell on the back of Bitcoin’s fall to $50,000 on the price charts. Contrary to the two, however, ADA, at press time, had recovered almost all of its losses in the last few hours. Thanks to its recovery, the alt was also less than 5% away from its ATH – A level it hit less than 4 days ago.

While the MACD line was continuing to surge north of the Signal line above the indicator’s histogram, the Chaikin Money Flow was holding firm close to 0.20.

Cardano was in the news recently after IOHK’s Charles Hoskinson took issue with some commenting that Cardano is a blatant scam.

Share

Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.