XRP, Dogecoin, Cardano Price Movement Analysis for 25th May, 2021

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With Bitcoin approaching $40,000, positive momentum has pushed the global cryptocurrency market back to its previous high. While some altcoins climbed more slowly than others, XRP, Dogecoin, and Cardano were hoping for a breakout above those thresholds to hasten their recovery.

XRP

The Fibonacci tool was used to identify possible target thresholds for XRP’s resurgence. A glance at the 4-hour chart revealed that bulls had overcome the first barrier, which was the 20-SMA (red) and the 23.6 percent Fibonacci mark ($0.961). A retest of this area could result in some sideways movement in the coming hours. Additional points of interest were at the 38.2 percent and 50 percent Fibonacci rate, which were $1.15 and $1.30, respectively. On the 4-hour timeframe, the original fib stage collided with the 50-SMA (yellow) and the 200-SMA (red). As a result, $1.15 was particularly important. A breakout will almost certainly result in a gradual climb up to $1.30.

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According to Awesome Oscillator, momentum was on the bullish side as it sought a leap beyond the half-line. The RSI was somewhat less bullish than the AO, but a jump over 50 was a good sign.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

On the 4-hour chart, Dogecoin’s price was at a crucial stage, sandwiched between its 20-SMA (red) and 50-SMA (yellow). The zones above that represented rigid resistance marks, especially between $0.377 and $0.44. This region also displayed a convergence of the 50-SMA (yellow) and 200-SMA (green). If the breakout fails to materialise, DOGE will most likely travel sideways inside this channel. A rise above this crucial level, on the other hand, could propel DOGE to $0.569, marking a 52 percent increase from $0.377. In the event of a bearish result, the cryptocurrency could fall into the $0.264-support level.

Going on, a bullish twin peak configuration on Awesome Oscillator prefered buyers. Despite a marginal fall in ADX, it needed to stay above 25 to sustain a market swing in either direction.

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Cardano [ADA]

Source: ADA/USD, TradingView

Though Cardano’s rebound has been slower than that of some other altcoins, bulls have been banging on the $1.57-resistance door since yesterday. Since higher lows were also seen in the process, ADA was expected to break through these difficult resistance levels in the coming sessions. A break through the $1.70-resistance level could also see ADA return to the $2-level.

The MACD line crossed over the Signal line, indicating that the market is under pressure to buy. The bearish crossover of the Stochastic RSI in the oversold region, on the other hand, indicated that ADA needed to stabilise before making the northbound leap. However, flipping $1.43 from resistance to help could serve as protection against a pullback.

 

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