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What crypto news involve the coins Polkadot (DOT), Ripple (XRP), and Pepe (PEPE)? Let’s see below an overview about it and some updates on current prices and their future trends.
Summary
The price of the Polkadot crypto compared to Ripple and Pepe
On February 11th, the crypto DOT, native to the open-source multi-chain protocol Polkadot, recorded a modest increase of 2.69%.
However, during a broader market sell-off, the price of DOT has dropped by 3.18%, currently standing at $7.04 with a market capitalization of $8.99 billion.
The moderate volatility rating of Polkadot, combined with a low risk/reward indicator, indicates moderate price fluctuations and some resilience to price manipulation.
Currently, the price of Polkadot exceeds resistance levels, with support established at $7.02 and resistance at $7.24. This positions Polkadot in a bounded scenario, potentially susceptible to volatility if the current trend were to lose momentum.
The Polkadot network has shown a positive performance with strong network activity in the fourth quarter of 2023. During this period, Polkadot’s circulating market capitalization increased by 111%, reaching a remarkable value of $8.38 billion.
Some analysts of cryptocurrencies have started to express bullish predictions for Polkadot.
In a recent analysis, the cryptographic analyst Michael van de Poppe expressed optimism regarding the momentum of alternative blockchain ecosystems, with particular emphasis on Polkadot.
Van de Poppe suggests that Polkadot is currently consolidating a lower pattern on longer time intervals, indicating a positive trajectory for the digital asset.
As a result, it predicts that the price of DOT could potentially extend its gains up to reaching $17 in the short term.
Ripple (XRP) movements: big transfers and more
In the last 12 hours, an extraordinary sequence of transactions involving Ripple (XRP) has occurred.
Whale Alert has reported a massive movement of 100 million XRP, worth nearly $52.6 million, from an unidentified wallet directly to Ripple (XRP).
This event has attracted the attention of the cryptographic community, as it coincides with a period of great focus on the altcoin.
In addition, Ripple had previously initiated another significant transfer, sending 80 million XRP, equivalent to over 42 million dollars, to an unknown wallet.
These large-scale XRP transactions have sparked speculation, from digital asset reorganizations to possible market tactical maneuvers.
In just twenty-four hours, the token price has experienced a significant increase, reaching a critical resistance level of about 0.534 dollars. However, this peak was short-lived as XRP started to decline.
The continuous decline of XRP, following the explosion of Ripple transactions, has fueled debates about a potential strategic move by the company. The question now is whether it is a coincidence or reflects a more calculated strategy by Ripple.
In a bullish scenario, if Ripple (XRP) manages to surpass the $0.543 level, the next targets would be $0.559 and $0.598. A breakout above these levels could indicate a shift in market sentiment towards more positive prospects for XRP.
On the contrary, in a bearish scenario where Ripple fails to maintain support at $0.503, it could encounter further declines towards $0.481 and $0.441.
PEPE: possible trend reversal after a period of decline
Over the past two months, the cryptocurrency PEPE has experienced a constant decline on daily charts.
From a maximum of $0.00000175, it has dropped by almost 50% reaching a minimum of $0.00000086, significantly impacting investors.
However, the analysis of technical charts indicates that this downward trend could be part of a key reversal pattern, opening up the possibility of a change in direction and presenting opportunities for buyers.
According to a recent analysis conducted by @alichart, the cryptocurrency $PEPE is showing technical signals of an imminent bullish trend on the three-day charts.
According to the analysis, in fact, the right shoulder of a head and shoulders pattern is taking shape, and the TD Sequential indicator has issued a buy signal.
This set of factors suggests a potential bullish momentum for PEPE, arousing the interest of both traders and investors.
We remind you that the inverted head and shoulders pattern indicates a possible bullish reversal at the end of a downtrend, characterized by three lows with the central one being the deepest.
Considering the recent recovery of the cryptocurrency market, the price of PEPE has risen from $0.00000086 to $0.00000102, recording a weekly gain of 16%.
If the pattern were to confirm, the price of PEPE could aim to reach the resistance of the neckline at $0.00000162, offering a potential gain of 55%.