XRP, Dogecoin, DigiByte Price Analysis: 05 April
XRP showed almost no signs of halting its upwards trajectory, and the $0.8 level can be achieved on the back of a bullish rally. Dogecoin remained settled between $0.059 and $0.055, while DigiByte showed a bearish divergence as it captured the $0.09-mark.
Bitcoin at the same time was trading at $57,954 with a 24-hour trading volume of $43.4 billion.
Strong bullish movement over the last 24 hours propelled XRP north of $0.7 for the first since the SEC announced a lawsuit against Ripple. Since the announcement, XRP’s movement has been quite sensitive to advancements in the lawsuit and 2021 so far has been favorable for the under-fire cryptocurrency.
In fact, year-to-date gains of nearly 200% underlined a strong recovery in the XRP market as Ripple responded to allegations pertaining mostly to the sale of $1.3 Billion worth of XRP. After the latest hearing, Ripple was granted permission to partly redact its documents containing private commercial information.
In the last two days alone, XRP surged by 21% and recaptured key levels on the 4-hour timeframe. The RSI would likely continue its movement within the upper region as the trading volumes rose north of $11.6 Billion. The OBV was at healthy levels and additional gains were backed by the presence of strong buying pressure. Levels to look out for in the coming sessions are $0.8 and $0.83.
There was not much to report in the Dogecoin market as the price moved between the channel $0.059 and $0.055 following sharp movements four days ago. The ADX settled around 30 and showed some bullish presence but a breakout above the upper ceiling did not seem likely. The Awesome Oscillator was bullish-neutral. However, if one thing that has been evident in the DOGE market over the last few months is that the technicals must be taken with a pinch of salt.
2021 saw the Dogecoin community wake up from its slumber due to a number of factors, and there was no telling where the once thought of ‘meme coin’ would end up over the long term. If the technicals do hold up, consolidation was likely within the present channel, with a chance of an upside at $0.063.
DigiByte continued its ascent on the 4-hour chart backed by strong bullish momentum. The Awesome Oscillator negated a bearish twin peak and continued to rise above the half-mark. On the downside, a bearish divergence was spotted on the RSI after it formed lower highs. The index settled just beneath the overbought region at press time after testing the upper region.
An immediate pullback was not likely, but there were some warning signs in the market. A dip in the 24-hour trading volumes could signal the onset of a correction. Such an event would highlight support levels at $0.084 and $0.077.