75 Interactions, 2 Today
Today, Bitcoin prices increased by nearly 2.8 percent, while Ethereum prices increased by 2.5 percent. The rise in the prices of the major cryptocurrencies has had a positive impact on other altcoins, but the broader market has remained weak. XRP was trading sideways with a minor loss in the last 24 hours, Dogecoin remained below $0.20, and ADA hinted at a price breakout soon.
Ripple’s XRP was down 0.1 percent in the last 24 hours, and it was trading at $0.60 at the time of writing. So far, the asset has had a mixed day, with an early morning high of $0.608 followed by a low of $0.601.
It exhibited sideways trading movement and avoided trading near its critical support level of $0.57. Over the last week, the alt’s gain increased its valuation by 4.4 percent. This minor price decrease caused the market capitalisation to fall by 5.56 percent.
The dotted lines of the Parabolic SAR began to appear on top of the candlesticks, indicating a price decline. To be able to test its immediate resistance level of $0.61, XRP must avoid its $0.57 support level.
The Average Directional Index depicted the presence of market weakness, implying that the token would require support from the broader market to emerge from the weakness. The Relative Strength Index showed a small uptick at press time, indicating that buying pressure had decreased over the previous day.
Dogecoin’s price has continued to fall below $0.20, and at the time of writing, the price of DOGE was $0.19. For nearly a week, the token has rejected an upside move as prices have consolidated tightly below $0.20.
Despite 2.8 percent gains in the previous day, the alt’s technical analysis charts showed a bearish momentum driving the price movement. The price direction of the alt has remained as ambiguous as ever. Dogecoin may be aiming for another decline, as the Bollinger Bands converged heavily at press time, indicating a price breakout.
In contrast, as the market fell in price, buyers saw an opportunity to buy more of the coin, and the Relative Strength Index flashed buy signals, indicating an increase in buying pressure.
The above statements were validated by Chaikin Money Flow, which showed an increase in capital inflows at the time of writing.
For nearly a week, the price of ADA has been trapped between $1.21 and $1.23. At the time of publication, ADA was valued at $1.23, having rejected its resistance level of $1.27. The token had gained 1.8 percent in the previous 24 hours.
If the bears gain strength, the coin could fall back to $1.15. If this support level fails to hold the prices, the next level of support for ADA would be around $1.04.
The Relative Strength Index was near 60, indicating a buying strength in the market; if the indicator hovered above 50, the coin could move to the upside soon.
In terms of volatility, the Squeeze Momentum Indicator entered a squeeze, implying that prices could experience a breakout as well as a signal to buy the asset. The Awesome Oscillator showed a green signal bar, but there were mixed signals because the ADA has been showing significant lateral movement.