XRP, Dogecoin, Ethereum Price Movement Analysis for 9th May, 2021

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XRP displayed the probability of a descending triangle breakup, with a price as low as $1.31. Even after Elon Musk’s appearance on Saturday Night Live, Dogecoin stunned the market with a continued sell-off. Ethereum has defied many sell warnings and is on the way to the $4k threshold.

XRP

On the hourly timeframe, a few XRP candlewicks dropped below $1.53, indicating that this support had been broken. As the candlesticks traded below all three moving averages, more bearish signs were illustrated (20-SMA, 50-SMA, 200-SMA- not shown). A falling triangle was also seen on the charts, and if the bottom trendline is not protected against bearish strain, a sell-off could occur.

This will most likely cause XRP to fall to its first solid area of support at $1.44, but another decline might carry it all the way to $1.31. MACD has remained below the half-line in recent days as the market has failed to climb above $1.66.If it does get through this barrier, the pattern would be broken. The Awesome Oscillator, like the MACD, stayed below equilibrium as sellers maintained momentum.

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Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Prior to Elon Musk’s SNL debut, Dogecoin experienced a sell-off, and while some wished for a better impact and higher prices after the broadcast, this was not the case. Instead, DOGE’s price began to fall, and it was now down by 25% in the last 24 hours. A single candlewick moved below $0.58 support on the 4-hour charts. If this is reversed in the coming hours, another support area at $0.42 exists, but a more developed line of defence at $0.275 exists.

Awesome Oscillator developed a bearish twin peak setup and threatened to dip below equilibrium, indicating the market’s prevalent selling pressure. The RSI also showed a bearish divergence as it approached 40.

Ethereum [ETH]

Source: ETH/USD, TradingView

Several bearish signs were offset by bulls as EtTH approached the $4,000-mark at the time of publishing. As bullish signals returned to the market, the 4-hour charts revealed a breakout from the upper trendline of an ascending channel. The Squeeze Momentum Indicator, which had previously seen decreasing bullish momentum, has now seen a sequence of increasing green bars. The white dots indicated a’squeeze release,’ and higher volatility could drive ETH even higher before a pullback.

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Although the RSI did jump in a reversal zone, it has stayed above 55 for the past two weeks, making a sharp correction seem impossible. If this occurs, the funding levels are $3,600 and $3,377.

 

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