XRP, Cardano, Dogecoin Price Movement Analysis for 23rd May, 2021

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Since Bitcoin fell below $35,000 for the third time in a row, big cap alts appeared to be in free fall once more. Similarly, XRP and Cardano moved south in adverse circumstances. Though Dogecoin still fell below a main support level, the losses were not as severe as those of its peers.

XRP

When the news of XRP’s case emerged in late December 2020, the cryptocurrency found itself in trouble. Its stock plummeted to a low of $0.17 as a result of a dramatic decline. Several developments in the lawsuit, combined with a bullish wider market, enabled XRP to reclaim its foothold, gradually regaining lost ground. The increase from $0.44 to a local high of $1.96 from late March to mid-April was particularly important. However, after the latest crypto sell-off, XRP was forced to return to earlier lows. If XRP falls below $0.638 it can return to its December lows of $0.228.

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With the market structure shaky over the last few days, it was difficult to forecast where the beleaguered cryptocurrency would find help, particularly because its litigation was still pending. The Squeeze Momentum Indicator indicated increasing selling risk, while the Stochastic RSI indicated a bearish convergence and a move into the oversold region.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano fell below its 23.6 percent Fibonacci mark, paving the way for a 26 percent retracement to $0.95. Further declines in the wider economy could amplify ADA’s losses, and the worst-case scenario could see a $1.5% reversal. This result will reverse any of the gains achieved so far in 2021.

The downtrend in OBV was obvious, as selling pressure dominated the market. As institutional capital turned away from cryptocurrencies, Chaikin Money Flow dropped below equilibrium.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Although it would be premature to say that Dogecoin has escaped the crypto bloodbath unscathed, it has managed to maintain newly uncovered support levels – an impressive feat thus far. However, the lack of investors inevitably spilt over to the Dogecoin market, causing it to fall below the $0.3223 support level. Losses could worsen before the next support level is reached at $0.179, a buy zone discovered during the late April pullback. Additional levels of funding were found at $0.179 and much smaller at $0.144.

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Despite the sell-off, OBV did not fall sharply, indicating any level of purchasing interest in the market. Though Awesome Oscillator showed a bullish twin top, momentum was possibly with the sellers.

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