ThepriceactionofXRPhasbeenstrengtheningrecently,indicatingthatthedeathcrossthathasbeenapproachingforseveralmonthsisnotgoingtooccur.Whenashort-termmovingaveragecrossesbelowalong-termmovingaverage,itisknownasadeathcrossandusuallydenotesbearishmomentum.TheperformanceofXRPlately,though,pointstoapotentialreversal.
The200-dayEMAisacrucialtechnicallevelthattradersfrequentlymonitor,anditiscurrentlywhereXRPisfindingresistance.Ascanbeseenfromtheattachedchart,XRPisbattlingthiscrucialresistancebycirclingaroundthe$0.55range.Theassetmightavoidthedeathcrossifthereisasuccessfulbreakabovethe200EMAandthestartofanewuptrend.AnothersignofadecisionpointistheconvergingEMAs.
ShouldXRPbeabletomaintainitspositionabovethisbarrier,newbullishmomentummaybegenerated,whichwouldenablethetokentokeeprising.Conversely,ifXRPisunabletoovercometheresistance,itcouldbeforcedbackdownhill,whichwouldraisethepossibilitythatthedeathcrosswilloccur.XRP\'sfutureisnowlargelydependentonitsabilitytoovercomethissignificantresistancelevel.
Theassetmaybeabletoavoidtheapproachingbearishsignalandstartalong-termuptrend,orthemarketmayexperienceadditionalsellingpressureinthecomingweeks.Thesedevelopmentswillbedeterminedbyfuturepricemovements.Formoreclarityastowhatdirectiontotake,observethevolumeandpricereactionsintheupcomingdays.
Bitcoinfinallydoesit
Bitcoinhasjustendedalong-termdecliningtrendlinethatstartedinMarch2024bybreakingthroughasignificantresistancelevelof$66,000.Thelong-awaited$70,000markcouldbewithinreachifthisbreakoutstartsalong-termpricerally.Butthereisabigworry:thebreakout\'slowvolumesuggeststhatbullsarenotinarushtoraisethepriceofBitcoin.
Technically,itissignificanttobreakabove$66,000,butintheabsenceofsignificantbuyerinterest,itismeaningless.Thelowvolumeraisesthepossibilitythatbullsmaylackthemomentumnecessarytomaintainastronguptrend,endangeringthepossiblerally.ThisbuyerreluctancesuggeststhattheremaybeobstaclesinthewayofBitcoin\'spushtoward$70,000.
Theamountof$65,900isthenextimmediatesupportlevel.ThebullishargumentforBitcoincouldbefurtherunderminedifthepricedropsbackintoaconsolidationphaseifitisunabletomaintainabovethislevel.ButifBitcoinisabletomaintainitspriceabove$66,000anddrawinmorebuyers,theremaystillbeapushforthepricetorise,perhapsreaching$70,000.
Bitcoinisstillatacrucialpointrightnow.Theconfirmationthatbullsarepreparedtotakeoverandpushpriceshigherrequiresasignificantspikeinvolume.Ifnot,thisbreakthroughmightprovetobeafalseindication,makingBitcoinsusceptibletodownwardpressure.
Dogecoinpushesforward
Dogecoiniscreatingastirasitbreachesasignificantresistancelevel,suggestingthatthememecoinmaybeabouttoundergoachangeinmomentum.DOGEhasrecentlybeencaughtinadoubletop,adescendingpatternthatusuallyindicatesbearishpriceaction.
ButnowthatDogecoinhassurpassedthecrucial$0.13threshold,thepatternisnolongervalid.Incontrasttorevertingtoitspreviousbearishcycle,breakingthroughthistopindicatesthatDogecoinmaybepreparingforalong-termuptrend.ThisbreakisimportantbecauseitallowsDOGEtoriseevenhigher,particularlyifbuyingpressurekeepsincreasing.Thenextsignificantobstaclemaybewellintohigherpricelevels,whichwouldgivebullsampleopportunitytodrivethepricehighernowthat$0.13haspassed.
SinceDogecoinhasreversedthescriptbymovingabovethedoubletoppattern,whichnormallyindicatesweakness,invalidatingitisespeciallycrucial.ThismakesroomforamorehopefulscenarioinwhichDOGEkeepsgrowing.Althoughvolatilityshouldalwaysbetakenintoaccount,Dogecoin\'srecentperformancesuggeststhatalong-termbullrunmaybeinthecards.
DOGEmaytargetevenhigherlevelsifbuyerskeepbuyinganddrivethepriceabovesignificantresistancelevels.Asthebreakoutcontinues,however,themovepast$0.13isencouragingforDogecoinfansforthetimebeing,andthereappearstobeagoodchanceforadditionalgains.Intheupcomingdays,monitorthemarket\'sresponsetodeterminewhetherthisrallyhasgenuineenduringstrength.
u.today