Bitcoin Cash, Dogecoin, XRP Price Movement Analysis for 31st May, 2021

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Bitcoin Cash remained trapped within a symmetrical triangle, awaiting a breakout. The tenacity of Dogecoin was shown at $0.302-support. Finally, XRP attempted to break north of its symmetrical triangle, but a strong resistance level of $1.03 stood in the way.

Bitcoin Cash [BCH]

A symmetrical triangle was noted in a prior research, but Bitcoin Cash was yet to break out of the pattern. A deeper examination of the Visible Range revealed that the majority of trades were begun at $650, which corresponded to the pattern’s bottom trendline. As a result, this zone of support appeared to be solid for BCH, and there was a potential that bulls would defend it from a collapse. The upper trendline, on the other hand, corresponded with the 200-SMA (green), which might operate as a barrier in the event of an upward breakthrough.

Although the MACD line was trading above the half-line, the bulls were losing momentum, according to the histogram. The RSI was remained in negative zone, signaling market weakness.

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Dogecoin [DOGE]

Source: DOGE/USD, TradingView

A rather large amount of trades were done around $0.302- making this location a crucial spot to watch out for in the next days, according to Dogecoin’s Visible Range. Lower highs in OBV have signaled selling pressure in the DOGE market, and it will be interesting to watch if this is offset at the current support level. Levels highlighted in a previous study may become visible in the event of a collapse.

The Squeeze Momentum Indicator, on the other hand, has shown a decrease in negative momentum during the last three days. The initial few green bars, followed by white dots, would suggest a’squeeze release,’ allowing for more increases.


Source: XRP/USD, TradingView

At the time of writing, XRP had recovered from its lower trendline and was poised to break above its symmetrical triangle. In the event of a good conclusion, look for prices ranging from $1.18 to $1.32. The Awesome Oscillator indicated that buying pressure had yet to completely manifest, but a bullish twin peak configuration was a good indication.

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EMA Ribbons went barely above the top trendline on XRP’s pattern, indicating that some resistance might be hit above $1.03. This region also corresponded to the 200-SMA (light blue). Reclaiming this vital territory would be a significant accomplishment in the next sessions.

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