XRP on Verge of Losing Crucial Support, Ethereum (ETH) Vital Resistance Reached, Dogecoin (DOGE) Price Tumbles Rapidly

With its price hovering just above a crucial support level, XRP is at a turning point. At $2.49, the asset has dropped 4.13% over the past day and broken through the rising trendline that has served as the basis for its bullish structure. If the subsequent critical support level at $2.29 does not hold, XRP may experience a prolonged downward trend that could drive it toward the $1.72 range, which was last tested in early January.

Moving averages show growing bearish pressure, and the 50-day EMA is currently serving as resistance. A further decline in sentiment could lead to more selling activity if XRP is unable to recover its position above this moving average. With its current value of 42, the RSI indicates waning momentum and that buyers are having difficulty regaining control. A recovery may be possible, though, if XRP can stay stable above $2.29 and move back toward the $2.68-$2.73 range. 

Going forward, XRP’s success primarily rests on its capacity to recover its bullish momentum. A short-term rally could be sparked by a bounce from its current support levels, but losses could be accelerated if it is unable to hold above these crucial areas. XRP is under increasing pressure to recover before sentiment completely turns bearish, as on-chain data shows a drop in transaction volume and a slowdown in whale activity. 

Ethereum’s future

The critical resistance level that Ethereum has reached may determine its short-term course. After its steep decline, the asset has been gradually recovering, but the resistance level at about $3,050 is still a major obstacle. A rejection could force ETH back toward lower support levels given the current market structure, as this level has historically served as a significant turning point. Upon closer inspection of the Ethereum price chart, it appears that the bulls do not have a strong lead. 

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Selling pressure is increased by the 50-day moving average’s convergence with the resistance zone. The next possible support for ETH could be found close to $2,700 if it is unable to break through this level with conviction. If this support is broken, there may be more drops in the direction of the $2,500 range. Ethereum may regain higher ground if it is able to overcome this crucial resistance, which might lead to a surge in fresh buying pressure. 

A break above $3,050 might put ETH on a course to reach $3,300 and higher. The trading volume and momentum indicators are important for traders to keep an eye on in order to determine whether Ethereum has the strength to break through or whether a short-term reversal is more likely. 

Dogecoin reaches support

The price of Dogecoin has dropped precipitously, breaching a crucial support level and displaying no immediate signs of rebounding. The meme coin has fallen below its helpful trendline, a crucial technical metric that has traditionally served as a safety net against more precipitous drops. Investors are now cautious about the future due to the substantial increase in the likelihood of additional losses following this breakdown.

The price of DOGE has significantly dropped from its prior highs and is currently trading at about the $0.22 level. Because of the bearish control indicated by the breakdown below the trendline and the turbulence on the larger market, Dogecoin’s position is becoming increasingly vulnerable.

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An even more severe sell-off toward $0.18 or lower could result from a break below the next significant support level, which is located around $0.20, if this bearish momentum persists. To turn around this downward trend, DOGE would have to push above the $0.26-$0.28 range, which is currently acting as resistance, and regain the lost support. Regretfully, sentiment does not currently support a recovery. 

Although Dogecoin is getting close to oversold conditions, the Relative Strength Index (RSI) does not prove a reversal on its own. The likelihood of a deeper decline is still high if selling pressure persists. In the short term, DOGE may keep declining unless a catalyst appears to change market sentiment.