Bitcoin had gone from $ 23,980 to $ 22,900, at the time of writing, with a wick of BTC as low as $ 22,400. On the other hand, XRP was unable to break above the $ 0.6 region and was faced with pressure from sellers which could see XRP revisit $ 0.5 once more. IOTA has dipped below two of its short-term moving averages, but may be able to rebound off the psychological level of $ 0.3. Finally, Dogecoin went parabolic within days and was on the verge of retracing some of its gains on the charts.
XRP fell below the 50% retracement level at $ 0.46, but almost immediately rose the following week. The market bulls valiantly attempted to lead the price above the resistance level of $ 0.62, but they were unable to do so.
the OBV noted stable selling volume behind XRP since it recorded its local high at $ 0.78. The sellers were forcing XRP down, and the region of $ 0.51 to $ 0.47 was once again vitally important. the RSI also fell below 50 to denote a possible change in market direction in favor of bears.
A dip below the 50% retracement level could be the start of a more meaningful correction for XRP, with retracement levels of $ 0.41 and $ 0.34 expected to serve as support.
Buy volume is expected to increase before XRP can embark on another rally.
In related news, Ripple CTO recently shared “incredibly encouraging” results for XRPL optimization.
IOTA stalled at the $ 0.32 support level as the aforementioned Bitcoin price drop galvanized the bears in activity. They were successful in pushing the price of the cryptocurrency into the liquidity pocket around the $ 0.3 region.
the RSI has been going down for some time and it noted a value of 40, at the time of writing. Finally, the Stochastic RSI fell into the oversold zone, but that didn’t necessarily mean an immediate rebound in prices.
A close of session below the $ 0.3 zone could see IOTA drop to $ 0.275 in the coming days.
Using the Fibonacci retracement tool for the rise of DOGE, certain levels of importance were highlighted. While the bullish momentum was not clearly exhausted, the market certainly looked overbought.
the MACD and the signal lines were far enough apart, indicating that an imminent correction was likely. Based on how the 61.8% level lines up with the horizontal support at $ 0.00379, this confluence and the 50% retracement level should stop DOGE’s retracement.