Dogecoin, XRP, Binance Coin Price Movement Analysis for 9th June, 2021

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Dogecoin’s price has dropped more, and it is now trading at $0.3280. As it attempted to rebound from a period of negative volatility, the asset was in a consolidation phase. The spot market was suggesting a continuous battle between buyers and sellers, which was holding the price within its present tight range.

Dogecoin

DOGE’s price fell during the weekend, according to the 4-hour chart. The chart depicted two straight losses in DOGE, which pushed the currency from $0.4480 to $0.3288. Support was identified around $0.2964 as the price went sideways. However, volatility was significant, suggesting that another price move was possible.

Downward pressure was visible as the Stochastic RSI stayed near to the oversold zone as we observed a skirmish between buyers and sellers. Despite the fact that the RSI line had crossed above the signal line, indicating that buyers were attempting to fight back, the price was unable to break out of its present consolidation.

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Meanwhile, MACD indicated that bearishness in the market has remained high over the past week and MACD line was dropping lower.

XRP

Source: XRPUSD on TradingView

The XRP market has lost support at $0.988 and is currently trading at $0.8718. The low price might find next support at $0.7774, although this level did not see much trade, according to the Visible Range indicator.

The histogram on the preceding chart indicated that the current period’s point of control was $0.9966. Given XRP’s subsequent drop to $0.8727, this was a very high price level. Traders may have to wait for evidence of reversal as the market remains exceedingly pessimistic at the time of press. Meanwhile, the Directional Movement Index [DMI] was indicating significant negative pressure in the XRP market.

Binance Coin [BNB]

Source: BNBUSD on TradingView

Binance Coin also seen a surge of sellers exiting the market. BNB, on the other hand, was observing a sideways trend. The asset was trading at $360.37, with parabolic SAR signals aligned above it, indicating significant downward pressure.

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Buyers for BNB, on the other hand, have been driving the price upward as the relative strength index value has risen. This indicated an increase in purchasing pressure, and when the RSI approached 45, it was on the verge of reaching equilibrium. With the growing momentum, the price might continue to consolidate at the present level.

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