XRP, EOS, Dogecoin Price Analysis: 08 January
XRP appeared to have turned a corner as it reclaimed the $0.3 level from the bears, and its rally from $0.17 lows did not show signs of halting yet. EOS also reclaimed a key level in the past few days and looked to defend it from selling pressure. Dogecoin might be set to retrace more of its recent giga rally.
Interestingly, Bitcoin saw increased bullish momentum yet again enabling it go past $41k and establish a new ATH. At press time the king coin was being traded at $41,309 and had a market cap of over $768 billion.
XRP reclaimed the $0.3 level from the bears and established the same as a level of support. The RSI corrected from an overbought territory and the trend appeared to have shifted more strongly in favor of XRP bulls over the past few days, affirmed by flipping $0.3.
Delisting on various exchanges continues to occur but the vote of confidence in XRP from East Asia, especially Japan, encouraged some investors.
The selling pressure appeared to have abated over the past few days. Its next level of significant resistance lies at $0.38, and $0.3 can be expected to serve as a strong level of support.
In other news, Ripple CEO Brad Garlinghouse used a Twitter thread to address some key questions he has seen recently, keeping in mind the things he can and can not address in view of the ongoing litigation.
EOS surged to $3.35 but met rejection at that level of resistance, and made its way back down to support at $3. The OBV showed a small but steady rise in buying, and the past few days saw a surge.
Reclaiming the psychological $3 level was an important goal for the bulls and they would seek to defend it against any further selling. The Chaikin Money Flow indicated that capital inflow into the market exceeded outflow.
Alongside the OBV and the flip of the $3 level to support, a bullish case for EOS was witnessed and another move toward $3.35 resistance is likely over the next few days.
DOGE posted a high of $0.014, which was near the 261.8% Fibonacci extension level. The price has since receded to just beneath the 200% common extension level at $0.01.
The price was trading just beneath its 20 SMA (white) but the 50 SMA (yellow) was yet to catch up. The short-term momentum seems to be sidewards.
Trading volume has also gone down and indicated that DOGE might see further corrections after its mammoth rally if the price closes beneath the 50 SMA.