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At press time, XRP, Dogecoin, Cardano, and Ethereum were all flickering bearish signs due to Bitcoin’s failure to break out of its price range under $60,000 and the altcoin market losing its early-April traction. Despite the fact that each of them has reached critical price levels in the last week.
Contrary to common belief, XRP has recovered well since the SEC-filed lawsuit caused the altcoin’s price to plummet to $0.28 on the price charts. In fact, to say the altcoin has recovered would be an underestimate, particularly given its rate of growth this year. Furthermore, it can be argued that the aforementioned lawsuit was what fuelled the pump in the valuation of XRP.
The last ten days have been a microcosm of XRP’s market activity. After Ripple executives lodged motions to fire, XRP rose by 32% in two days before following BTC’s lead and falling by 28%.
Despite the scale of these corrections, however, XRP, at the time of writing, was noting YTD returns of 448%.
The metrics for XRP were leaning towards the market’s bears; however, a price turnaround had not yet occurred entirely. While the dotted markers of the Parabolic SAR were above the price candles, the Relative Strength Index was close to the overbought zone.
The industry’s most well-known’meme-coin’ has recently made headlines due to a +450 percent increase in the last seven days. Indeed, the magnitude of the increase was such that DOGE was the crypto-sixth-largest market’s cryptocurrency at the time of publication. Despite being impacted by recent market crashes, the alt had a YTD increase of 5,431 percent.
Dogecoin’s technical indicators remained overwhelmingly positive, with Awesome Oscillator registering one red bar on its histogram and an increase in market traction, and Chaikin Money Flow remaining firm about the $0.15 level.
As a’meme-coin,’ there could be no plausible explanation for the cryptocurrency’s latest ATH.
ETH, like its fellow alts, had a good 2021. Indeed, one could argue that the world’s biggest altcoin has led the alt boom, with the crypto reaching its all-time high of $2,544 less than a week ago. Although Ethereum did so on the basis of an 18% uptrend, the subsequent downtrend saw the cryptocurrency dropping by about 14.5 percent on the charts.
However, at the time of publication, some market appreciation attempts were ongoing, followed by steady trading rates.
At the time of publication, Ethereum’s indices favoured the market’s bears. The prospect of a pattern turnaround persisted, however. Although the dotted markers of the Parabolic SAR were above the price candles, the MACD line was very similar to the Signal line. A pattern reversal can be predicted if a bullish crossover occurs in the short term.
A recent review mentioned Ethereum’s liquidity, which could play a role in the altcoin’s future rally.
Cardano, the seventh-largest cryptocurrency in the sector, has also seen a meteoric increase this year, with the altcoin rising on the back of a number of ecosystem-centric innovations in recent months. ADA’s recent price corrections, including those of Ethereum and XRP, followed a week of 23.5 percent weekly gains, with the crypto reaching its all-time high just a week earlier.
At the time of publishing, ADA was priced at a price of $1.26, and the cryptocurrency’s Bollinger Bands were keeping their shape. This indicated that stock uncertainty was unlikely to improve significantly in the coming trading sessions. The MACD, on the other hand, provided a better indicator of the current market pattern, with the same falling below the Signal line on the charts.
Cardano recently made headlines after introducing a token register with on-chain identifiers.