XRP, Dogecoin, Cardano Price Movement Analysis for 2nd May, 2021

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Since Bitcoin was refused over the $58,539-resistance, the price fell down to $57K, with repercussions felt by some altcoins.

Both XRP and ADA suffered small casualties, but the latter alt moved inside an ascending triangle. Dogecoin, on the other hand, defied the wider market trend and traded in the pink, but advances were capped at the $0.40-resistance.


Source: XRP/USD, TradingView

Despite declines over the last 24 hours, XRP has remained above the $1.51-support level on the 4-hour timeline. However, this defensive line could be checked again in the coming sessions, as Awesome Oscillator indicated that momentum was on the bearish side. A bearish crossover in MACD emphasised the same point.

If the AO falls below the half-line, support lines at $1.34 or even $1.17 can be activated. In reality, a drop towards the latter support and the 200-SMA (green) could provide traders with some long opportunities. With 24-hour trading rates down nearly 30%, momentum was fleeing the stock, and any lateral action might be likely if current support holds.

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Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin’s movement over the last 24 hours demonstrated that it is not always synonymous with Bitcoin. Though BTC was down nearly 2% at the time of publication, DOGE managed to add more than 3% from the previous day. Furthermore, with year-to-date returns of 6580 percent, DOGE has made a strong case for inclusion as an emerging altcoin in top portfolios. On the 4-hour charts, DOGE’s ascent was stymied by some opposition at $0.40, but it seemed like just a matter of time before the bulls conquered it.

The Squeeze Momentum Indicator indicated rising purchasing momentum. The momentum was bolstered by a 25% increase in trade volumes, which almost reached $10 billion. DOGE was in overbought territories according to the RSI, and there was a possibility of a small pullback before the next leg upwards. This could happen at $0.33-support.

Cardano [ADA]

Source: ADA/USD, TradingView

Though Cardano and the king coin both fell into the red, the price remained within the bounds of an ascending triangle, and an upward breakout was still required from this trend. The MACD’s collapse into the half-line sparked some doubt, but the bulls were supposed to counteract this bearish movement. At the time of publication, the RSI was hovering below neutral-50.

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A breakout could be postponed in the coming sessions as the bulls build momentum for a northbound leap. Traders must keep an eye on the $1.30 mark, as a step below this level could result in a collapse from the triangle.


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