Over the past week, Bitcoin lost close to 10 percent of its value. The slump in the market was also visible in the altcoin market. However, the effect hasn’t always been uniform with the likes of Dogecoin, and Cardano trading mostly sideways during the course of the week while XRP saw double-digit gains.
XRP’s price endured a prolonged period of consolidation since the last week of February and the trend seems to have slightly changed. In the past week, XRP saw its price increase by over 13 percent and was trading at $0.53. XRP noted a 24-hour trading volume of over $5.8 billion and has seen a slight increase in bullish momentum.
If the uptrend were to continue, the coin will soon try and attempt to breach support at $0.68. The support that helped the price for over two weeks at $0.43 will continue to remain a key level for the coin.
Bollinger Bands were slightly diverging at the time of writing; however, volatility levels remained relatively low for the coin. MACD indicator looked promising after having seen a bullish crossover take place.
2021 has been extremely opportune for Dogecoin as it now finds itself among the top twenty cryptocurrencies of the world according to market capitalization. Dogecoin is currently trading at $0.052 and for the past two months, the coin’s price action has been extremely range-bound. Dogecoin has traded mostly within the confines of its immediate resistance at $0.068 and its support at $0.046.
According to the coin’s technical indicators, DOGE may be subjected to a short-term correction. MACD indicator underwent a bearish crossover and signaling a short-term price dip. Stochastic indicator was well into the oversold zone, indicating the strong presence of sellers in the market.
Cardano the fifth-largest cryptocurrency was valued at $1.11 and had registered a market capitalization of over $35 billion. The past week saw the coin fall by close to 9 percent, however, on a longer time frame, the coin has been trading mostly sideways. ADA is currently testing support at $0.96 and resistance at $1.37 continues to remain a formidable level to breach.
EMA ribbons are likely to add support around the $0.96 range after having settled below the coin’s current trading price. MACD indicator continues to fall after having undergone a bearish crossover in which the signal line went past and continues to hover over MACD line with no sign of reversal.