XRP, Dogecoin, Cardano Price Analysis: 18 July
The global crypto market cap was at $1.36 Trillion with a 3.0% increase over the last day. With the broader crypto market still showing considerable signs of weakness, some altcoins witnessed daily gains, albeit marginal. While Ripple’s prices have remained inconclusive, DOGE noted slight daily gains and a considerable hike in buying pressure and ADA demonstrated continued reduction in capital inflows on the technical analysis chart.
XRP’s price displayed a downtrend despite the marginal 1.0% daily gain. At press time, the coin was available for $0.586 which is below its crucial support level of $0.587 and it may visit new lows considering that prices have been on a downward movement for most of this month.
The Chaikin Money Flow observed a substantial low in terms of capital inflows over the last couple of days. It noted a slight downtick at press time indicating that the inflows dipped further. This may be due to XRP’s price movement giving off strong sell signals.
Conversely, on the Awesome Oscillator, an onset of a bullish signal was visible as green bars were seen on the indicator. MACD also demonstrated the same, with green histograms on the centerline establishing the presence of a short term bullish signal.
Dogecoin continued to move lower than its vital support level of $0.209, however, the coin enjoyed some gains over the last 24 hours. The asset witnessed a 4.6% increase in prices over the past day. The bears in the market are expected to push the prices back to the $0.178 support level again if DOGE doesn’t break through the $0.209 resistance level soon.
With regards to volatility, DOGE’s continued downward movement ensured mild volatility and price fluctuations, at press time. Converged Bollinger Bands further suggested low volatility.
As prices recovered over the last 24 hours, buying pressure catapulted away from an almost oversold zone as seen on the Relative Strength Index indicator.
The Squeeze Momentum Indicator displayed black crosses on the midline which translated to the market entering a slight squeeze with prices mostly depicting range bound movement.
ADA’s prices hovered between $1.27 and $1.15 resistance and support levels. And at the time of writing, the coin was priced at $1.19. It gained about 2.9% over the past 24 hours, but a slight dip in prices can cause the coin to rest below the $1.15 crucial support level.
The trading volume of ADA decreased by 59.29% over the last day. With a slight recovery, market capitalization went up by 2.78%. Fueled by the broader crypto market, ADA’s downtrend gave off sell signals and additionally.
As per the Chaikin Money Flow indicator, capital inflows were drying up since July 12 and the same was pictured at the time of writing too.
The Awesome Oscillator noted green signal bars signifying a bullish signal, but ADA has to propel through the $1.27 resistance level for the coin to move on a steady uptrend.
The Average Directional Index was spotted just below the 40-mark. This implied that the current trend could be on a decline and a particular trading range is about to develop.