210 Interactions, 2 today
After giving up the 23.6 percent Fibonacci level ($0.899) to the bears, XRP was in risk of dropping back towards $0.65. Polkadot may provide purchasing chances for $14.9, as well as at the reduced price of $10.8. Finally, Dogecoin is bracing for a 35% drop in value as a result of the creation of a descending triangle.
According to the 4-hour chart of XRP, bulls have failed to break over the 38.2 percent Fibonacci mark ($1.05) in recent days. This, along with negative indications from the larger market, resulted in another breakdown, with XRP falling at the time of writing. Few places of support existed between its drop from $1.05 to $0.65, but none had yet been confirmed as trustworthy purchase zones. If current levels hold, look for a rally back to $0.83-$0.76.
Interestingly, the EMA Ribbons shifted between $0.968 and $1.05 as well, making this a critical zone to recapture. In the event of a breakout, XRP would see a 15% increase from $1.05 to $1.21 and the 200-SMA would be breached (light blue). The MACD indicator flashed a bearish crossover and headed back below equilibrium – signaling bear market conditions.
Polkadot’s hourly period revealed a sell-off, with the coin losing 15% of its value in the past 24 hours. After forming a succession of red bars below the half-line, the Awesome Oscillator detected selling pressure. The dotted indicators of the Parabolic SAR also went below the candlesticks, indicating a sell signal for DOT. These dots would change to ‘buy’ if the price broke over $26.2, although such a result appeared improbable in the future sessions.
In the event of further losses, the support levels were $14.9 and $10.8, respectively, although the larger market attitude would most likely pull DOT forward.
The appearance of a falling triangle on the 4-hour chart indicated a potentially dangerous situation in the Dogecoin market. DOGE has progressively produced lower highs since reaching record levels prior to the SNL debacle, but failing to retake key zones even in a positive broader market. For the bulls, the lower zone between $0.29 and $0.27 marked the cut-off point. Any move below this might result in a breach in the pattern, triggering a 35% drop back to its mid-April levels of $0.179.
A rise over $0.377, on the other hand, would negate the pattern and allow for additional positive price activity. The ADX signal rose from 25 to indicate the presence of a strong tendency for further price movement. The RSI was slightly in bearish territory and chances of a bullish move were slim moving forward.