u.today
Although $XRP has made recent attempts to break through the $2.50 barrier, it is still unclear if it will be able to maintain this level. A confirmed breakout is far from certain based on the price action even though the asset has demonstrated some resilience in recent sessions. Right now, $XRP is circling $2.54, just above the crucial psychological barrier of $2.50.
Nevertheless, the absence of significant volume supporting this move casts doubt on the validity of the breakout. Traditionally, a spike in buying pressure is needed for successful breakouts, and $XRP's rally has not had the required momentum up to this point. Technical indicators offer a mixed picture as well. Despite being above the 100-day moving average, which is a bullish indication, $XRP continues to encounter resistance close to the $2.70 mark.
The likelihood of a retracement is still high until it passes this threshold. The continuation of the consolidation between $2.30 and $2.60 is the most likely short-term scenario for $XRP. The asset may lose steam and retest lower support levels if buyers are unable to force the price above $2.70.
However, $XRP may acquire the strength required for a move toward $3.00 if it can maintain above $2.50 and generate consistent buying interest. This scenario is still unclear, though, considering the state of the market right now.
Dogecoin at it again
Dogecoin, which is circling $0.22, is once again testing a critical support level. The meme coin is having difficulty gaining bullish momentum after a protracted downtrend, which raises questions about whether this support will hold or if more declines are imminent.
Since it has been continuously failing to set new highs, $DOGE has been under pressure for weeks.
Even though the overall cryptocurrency market is still erratic, $DOGE has maintained a bearish structure due to its inability to overcome resistance levels. Now the most important area to keep an eye on is the $0.22 support level. Previous downturns have been stopped by this price zone, which has served as a strong defensive line. Nonetheless, a support level tends to deteriorate the more it is put to the test.
Further selling pressure may be generated if $DOGE is unable to maintain above $0.22, as the next significant support is located around $0.18. A recovery toward the $0.25-$0.26 range where the 50-day EMA is currently located may be possible if bulls are able to hold the $0.22 support.
Regaining this level could pave the way for additional recovery in the direction of $0.28. However, a notable uptick in buying pressure — which has been lacking in recent weeks — will be necessary to break above these levels. A breakdown below $0.22, on the other hand, would be a clear bearish indication and might trigger a further drop toward $0.18. The ability of $DOGE to maintain this critical support level will be a major factor in determining its future given the state of the market.
Dogecoin, which is getting close to the significant support at $0.22, is at a turning point. $DOGE's next significant move will depend on whether this level holds or breaks. A relief rally might occur if buyers intervene, but if this zone is not held, losses could quicken and reach $0.18. In the upcoming days, traders should keep a close eye on price movement.
Ethereum not there
Ethereum has been having trouble stabilizing following a string of abrupt price swings. $ETH is currently trading at about $2,287, indicating a modest recovery, but the general mood of the market indicates that the asset is still far from being in a safe zone. Recently $ETH recovered from the $2,100 support level in an effort to regain higher price ranges.
But even with this recovery, the asset is still in a precarious position. There is ongoing bearish pressure, indicated by the 50-day and 100-day moving averages' downward trend. That bullish momentum is waning is further supported by $ETH's inability to maintain a price above $2,500.
On the positive side, a crucial resistance zone is still the $2,600-$2,700 range. Ethereum may regain enough strength to challenge the $2,900 mark if it can rise above this level. However, any breakout attempt is probably going to be brief if there is not a significant volume surge. Ethereum has responded to marketwide volatility more strongly than Bitcoin, which has managed to maintain relative stability.
Ethereum may experience another decline to $2,100 or less if it is unable to rise above $2,600 in the upcoming days. A decline below $2,000 would be the worst-case scenario, which would probably lead to more panic-selling.