XRP, AAVE, Dogecoin Price Movement Analysis for 5th June, 2021

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At press time, XRP needed to cross the $1.063-$1.180 level to start a big rebound, but its technicals pointed to market vulnerabilities. Aave and DOGE, on the other hand, were expected to trade sideways inside their key support and resistance zones.

XRP

Although the range between $1.063 and $1.180 was not a big resistance zone for XRP, a breakout over this level resulted in a 30% rise in mid-April. The zone also helped to counteract a significant drop in late April, and a 37 percent increase followed shortly after. As a result, one might argue that this is an essential zone to impose bullish dominance, especially because it corresponded with the 50-SMA (not shown).

Lower highs were an optimistic indication since the May 19 disaster, and the market appeared to be poised for a breakthrough, but there was still some doubt in the market.

The enlarged form of the EMA Ribbons indicated that the decline was still in place. Furthermore, the MACD line appeared to be crossing below the Signal line, while the histogram indicated diminishing bullish momentum. These indicators showed that XRP may continue below its upper limit in the next days.

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Aave [AAVE]

Source: AAVE/USD, TradingView

Aave’s 4-hour period revealed a solid support zone between $330-$350, which spurred repeated rallies following February, the most recent of which was AAVE’s surge from $338 to $488 in mid-April. Despite some bearish pressure at the time of writing, AAVE bulls are expected to preserve losses within this range.

At press time, the Awesome Oscillator indicated that momentum was lacking for a sharp price move in either direction. The ADX was hovering around 12, indicating that sideways movement was extremely expected in the following sessions.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin increased by roughly 40% in only two days after its Coinbase listing was revealed on June 1st. While some expected a sustained gain after trading resumed on June 3 at 9 a.m. Pacific Time, DOGE’s action surprised market bulls. In reality, the cryptocurrency has lost 20% of its value in the previous several days, falling from $0.440 to $0.361. The RSI clarified DOGE’s decline, indicating that the price was overbought and needed to be stabilised.

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Moving forwards, DOGE is anticipated to trade above the $0.302-support, with $0.440 acting as a barrier to short-term price swings to the upside. In the event of a breakthrough, though, another 40% increase was probable.

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