XRP, Dogecoin, Cardano Price Movement Analysis for 8th May, 2021

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Volatility in the XRP market was decreasing, and some rangebound action was expected in the near future. Dogecoin buying resumed as the market moved from opposition to help at $0.69. Finally, Cardano presented a few goals over $2 that could be surpassed in the coming weeks.


Source: XRP/USD, TradingView

At the time of publishing, the world’s fifth-largest cryptocurrency, XRP, was trading in the $1.63-$1.53 range. Bollinger Bands contracted, signalling the end of a volatile market that saw XRP climb from $1.31 to $1.75. This meant that there may be a short-term sideways rotation. On the other hand, OBV has been on an upward trajectory since late April, and consumer purchasing pressure has been slowly increasing.

If the $1.75 ceiling is breached, XRP will rise above $1.96 to set a new local record. If the price continues to fall, $1.31-support will come under scrutiny.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

DogDogecoin has increased by 8% in the last 24 hours as the trading frenzy returned after yesterday’s cooldown. The Awesome Oscillator indicated that momentum was with the bulls, and the bars returned to grey. This was highly expected because Elon Musk’s performance on Saturday Night Live was just a few hours away. The RSI was also above 65, indicating a bullish trend. Even if the index jumped into the overbought range, it would be of little concern because DOGE could be driven solely by bullish sentiment.

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Buyers flipped $0.69-resistance to an area of help on the 4-hour timeline. Although volumes have not yet reached the heights seen a few days earlier, this could change rapidly in the coming sessions. DOGE could climb above $0.80 before reversing in a bullish outcome. When a sell-off happens, look for support lines at $0.57 and $0.53.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano has largely oscillated between the $1.48-$1.01 channel since early March. Though there was a breakout a couple of days ago, amounts were far below the peaks seen in February. The technicals remained bullish, and a few Fibonacci amounts were plotted on the regular timeframe.

The MACD line remained above the Signal line, with its histogram displaying a row of green bars.

The Supertrend Indicator proceeded to flash a buy signal until switching to a sell signal at $1.20. A few targets were set at 138.2 percent ($2.13) and 161.8 percent ($2.37) Fibonacci heights, which could be breached in the coming weeks. Meanwhile, volumes must be monitored for sudden price changes in the industry.

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