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XRP, Monero, Dogecoin Price Analysis: 11 January



Source: Pixabay

XRP ceded the crucial $0.3 level of support to the bears and was headed toward the $0.25 level of support. Monero was quite volatile as it saw a strong move upward followed by stronger selling pressure, and appeared likely to test the $150 level of support at the time of writing. Dogecoin’s period of consolidation at $0.01 came to an end in the face of selling pressure and it was headed further south.


XRP, Monero, Dogecoin Price Analysis: 11 January

Source: XRP/USD on TradingView

$0.3 is a crucial level for XRP. Over the next few days at least, it can be expected to offer resistance to the price. The range between $0.17 and $0.3 has seen XRP move within it for the most part since July 2019.

The mid-point of this range at $0.23, along with $0.25, is the immediate levels of support for XRP.

The ascending triangle pattern did not see XRP move beyond $0.35, and on the 1-hour chart, the MACD showed strong bearish momentum. The drop reversed at $0.25 as buyers stepped in.

The reaction in the $0.295-$0.3 region will be important over the next day or two- a rejection would mean another move to $0.25, while some consolidation there is likely to be followed by a breakout back to the upside.

Monero [XMR]

XRP, Monero, Dogecoin Price Analysis: 11 January

Source: XMR/USDT on TradingView

Monero was extremely volatile over the past two days. The breakout above $150 saw a move to $185, and rejection that retested the $150 level – a 23.8% and 19.4% move respectively.

The price was back within the $150-$164 range. The OBV, after the roller-coaster ride that the past two weeks have been, was back where it was at in late December.

A climb back above the mid-point of the range at $158 would be bullish for XMR, while a trading session close beneath this point would see XMR retest the $150 support and possibly lose it to the bears.

Dogecoin [DOGE]

XRP, Monero, Dogecoin Price Analysis: 11 January

Source: DOGE/USDT on TradingView

DOGE lost 15% over the past 24 hours and the price moved beneath the 20 SMA (white), after a few days of consolidation around the $0.01 mark.

Further retracement could be in order for DOGE as the RSI slipped below neutral 50 to denote bearish momentum. A retest of the neutral 50 and another drop for the RSI would indicate a short-term downtrend.

The market-wide selling pressure, if at an end, would see BTC and ETH either stabilize and trade within a range, or resume their prior uptrend. Over the next few days, this could positively impact DOGE prices as well.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.