XRP and DOGE Market Analysis: Breakout or Breakdown?
Below is the technical analysis of the well-known altcoins in the cryptocurrency market, XRP, and DOGE. Let’s continue with this article to learn more about these 2 altcoins.
XRP/USDT 1-Hour Technical Analysis (Source: TradingView)
The XRP/USDT 1-hour chart shows that the asset is currently trading in a symmetrical triangle pattern. Price action has established a key support level at $0.3657, which corresponds to the chart’s weak low. Furthermore, a range of support can be seen between $0.3802 and $0.3756.
The asset’s resistance level, on the other hand, is located near the strong high, between the price levels of $0.4276 and $0.4226. It is critical to keep an eye on these levels for potential breakout and breakdown scenarios that could indicate the direction of future price movements.
However, as is typical of symmetrical triangles, a clear market structure cannot be determined until one side of the pattern breaks out. If the asset breaks out above the upper trendline, a price target of more than $0.4500 is possible. If the asset breaks down below the lower trendline, a retracement to the previously established support level at $0.3802 is a possible outcome.
DOGE/USDT 1-Hour Technical Analysis (Source: TradingView)
The above chart depicts the technical analysis of the DOGE/USDT pair. It is observable that the asset is currently trading above both the 200-MA and 50-MA, which indicates a bullish trend in the market. Additionally, the RSI value of 54 suggests that the asset is currently in a favorable market trend and is not exhibiting signs of significant overbought or oversold conditions.
On the daily chart, the technical analysis of the DOGE/USDT pair reveals a bullish market structure, as the 50-MA has crossed over and is currently trading above the 200-MA. This is a well-known indicator of a bullish trend, indicating that the market is dominated by buyers. Furthermore, if bulls continue to dominate market sentiment and drive prices higher, DOGE could reach levels above $0.10212.
The post XRP and DOGE Market Analysis: Breakout or Breakdown? appeared first on Analytics Insight.
Below is the technical analysis of the well-known altcoins in the cryptocurrency market, XRP, and DOGE. Let’s continue with this article to learn more about these 2 altcoins.
XRP/USDT 1-Hour Technical Analysis (Source: TradingView)
The XRP/USDT 1-hour chart shows that the asset is currently trading in a symmetrical triangle pattern. Price action has established a key support level at $0.3657, which corresponds to the chart’s weak low. Furthermore, a range of support can be seen between $0.3802 and $0.3756.
The asset’s resistance level, on the other hand, is located near the strong high, between the price levels of $0.4276 and $0.4226. It is critical to keep an eye on these levels for potential breakout and breakdown scenarios that could indicate the direction of future price movements.
However, as is typical of symmetrical triangles, a clear market structure cannot be determined until one side of the pattern breaks out. If the asset breaks out above the upper trendline, a price target of more than $0.4500 is possible. If the asset breaks down below the lower trendline, a retracement to the previously established support level at $0.3802 is a possible outcome.
DOGE/USDT 1-Hour Technical Analysis (Source: TradingView)
The above chart depicts the technical analysis of the DOGE/USDT pair. It is observable that the asset is currently trading above both the 200-MA and 50-MA, which indicates a bullish trend in the market. Additionally, the RSI value of 54 suggests that the asset is currently in a favorable market trend and is not exhibiting signs of significant overbought or oversold conditions.
On the daily chart, the technical analysis of the DOGE/USDT pair reveals a bullish market structure, as the 50-MA has crossed over and is currently trading above the 200-MA. This is a well-known indicator of a bullish trend, indicating that the market is dominated by buyers. Furthermore, if bulls continue to dominate market sentiment and drive prices higher, DOGE could reach levels above $0.10212.
The post XRP and DOGE Market Analysis: Breakout or Breakdown? appeared first on Analytics Insight.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.