The markets are showing signs of recovery as cryptocurrencies begin to turn green once more. The arrival of the weekend typically brings calmer conditions due to reduced trading volumes. However, during unusual periods, significant market players (“whales”) can induce considerable volatility in these low-volume settings. Could this scenario repeat itself?
What Will Drive XRP Next?
Ripple has solidified its position following notable victories in its legal battles against the SEC. Despite fluctuations in Bitcoin’s price, XRP has maintained a level around $0.56, indicative of its resilience. However, investor sentiment remains fragile after the rapid downturn experienced last week. Currently, XRP hovers around the EMA20 level of $0.57, suggesting a short-term upward trend, which could push the price to $0.64 or $0.73 if a breakout above $0.58 occurs. Conversely, a close below $0.54 might lead to a decline towards $0.46. Access NEWSLINKER to get the latest technology news.
Will DOGE Surge or Plummet?
Dogecoin (DOGE) is at a critical juncture, frequently trading around the $0.1 mark. With Bitcoin nearing $60,000, short positions on Binance are gaining strength. Given the weak demand and struggling altcoins, DOGE’s path could skew downward. However, reclaiming the EMA20 level at $0.11 could propel the price back up to $0.18. If bulls falter, DOGE could descend to $0.09 or even $0.08.
Despite some supportive elements like increasing Telegram-linked projects entering exchanges, the TON Coin’s price faces resistance. The price regained the SMA50 level of $6.89 but encountered selling pressure at higher levels. A close below the EMA20 level of $6.45 might target $6.05, while retaining support above this could aim for $7.65.
Key Takeaways for Investors
– XRP’s movement around EMA20 indicates potential breakout opportunities.
– DOGE’s reclamation of $0.11 EMA20 could signal a price surge to $0.18.
– TON Coin faces resistance at higher levels, but support above $6.45 is crucial.
Conclusion
As the market stabilizes, XRP, DOGE, and TON Coin each present distinct opportunities and risks. Investors should closely monitor EMA and SMA levels to make informed trading decisions. The upcoming days will be pivotal in determining the market direction for these cryptocurrencies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/markets-rally-as-cryptos-rebound