XRP was in danger of losing out to $0.89 support and could be up for some short-term losses. Dogecoin held on to $0.361-support but remained exposed to selling pressure. Up the crypto-ladder, bullish momentum on Ethereum seemed to be fizzling out for a breakout above $3,000.
XRP
Source: XRP/USD, TradingView
XRP bulls defended $0.89 support but bearish pressure was on the up in its market. Squeeze Momentum Indicator noted declining momentum and a pickup in volatility would amplify losses. A breakdown from its press time support would drag XRP to a demand zone between $0.786 and $0.63.
Even though the cryptocurrency formed an ascending triangle, such patterns have been invalidated recently as broader market cues have dictated movement. Stochastic RSI headed south towards the oversold zone but could find a delayed stay in this region in case of a breakdown.
Dogecoin
Source: DOGE/USD, TradingView
A look at Dogecoin’s 4-hour chart showed that the cryptocurrency remained steady at $0.361-support as it battled selling pressure. While DOGE lacked volatility for an explosive move, ceding its press-time support would leave the crypto-asset vulnerable to some losses. Defensive lines at $0.281 or even $0.239 would be in focus in case of a dip.
A massive plus point came in the form of a flat-like OBV since the start of May. This suggested that a fair degree of buying volume was still present in the market- something that could aid DOGE against further pullbacks. After moving south, RSI reset around the neutral zone.
Ethereum [ETH]
Source: ETH/USD, TradingView
A quick look at Ethereum’s 12-hour chart would immediately flash a bullish build-up for some market observers. The price has formed lower highs and has consistently knocked on the door of its overhead resistance at $2,910. However, digging a little deeper presented a slightly different picture.
According to Squeeze Momentum Indicator, bullish momentum has slowly been evaporating over the past few days. Moreover, BTC has been struggling off-late to break above $40-42K. If this trend were to continue, bulls would be on the defensive and ETH could retrace all the way towards $1700-2000 in an extended sell-off.
If ETH is able to hold its current channel moving forward, the narrative would switch back to bullish. RSI did move north over the past few days but remained around 50 at press time.
