XRP, Dogecoin, Cardano Price Movement Analysis for 30th May, 2021

Spread the love

 248 Interactions,  8 today

XRP was trading within a symmetrical triangle, with a breakout in either direction probable. In the event of a collapse from $0.309, Dogecoin has identified a couple more support levels. Finally, in the next weeks, Cardano is expected to break above its rising triangle and $1.83 barrier.

XRP

On XRP’s 12-hour chart, a symmetrical triangle was seen, presenting two options for the future. If the downturn in XRP before to the development of the pattern is taken into account, a breakdown seemed expected. This scenario might result in a 20% drop towards $0.635. A break over the upper trendline, on the other hand, might result in a surge towards $1.03-$1.18. An extremely positive conclusion might result in profits of up to $1.32.

Moving forward, though, larger market indicators will most likely influence the path of a breakthrough. Bearish momentum has been declining, according to the Squeeze Momentum Indicator, although this might imply additional consolidation inside the pattern rather than an instantaneous bullish breakthrough. Although MACD was well below the half-line, the fast-moving line remained above the Signal line.

RECOMMENDED READ:  Litecoin, Solana, Ethereum Price Movement Analysis for 18th May, 2021

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin’s drop in late April resulted in the formation of a $0.239 support line, which may be called into action if the price falls below $0.309. A stronger pullback would emphasize defensive zones at $0.146 and $0.08-, both of which were last seen in April. The fall in OBV underscored the recent lack of purchasing pressure.

Price movement was lower than it had been in early May due to a lack of significant volumes across exchanges. While DOGE might be in accumulation, buyers would most likely rejoin at somewhat lower levels given the demand zone of $0.146-$0.08.

The movement of the Awesome Oscillator indicated that selling pressure was once again on the rise.

Cardano [ADA]

Source: ADA/USD, TradingView

Despite experiencing positive phases, Cardano has been unable to overcome $1.83-resistance. However, the cryptocurrency has made a few significant advancements. Lower highs on the 12-hour period formed an ascending triangle, which is considered a bullish pattern. In the event of a breakthrough, ADA is expected to rise to new highs. On the other hand, a collapse may push ADA below $1.

RECOMMENDED READ:  Aave, Chainlink, Cosmos Price Movement Analysis for 22nd February 2021

MACD was on the verge of a bullish crossing, which would result in ADA defending a collapse. Around 50, the RSI was in neutral zone.

Leave a Reply

Contact Us