Market
XRP Price Eyes $1.25 and Beyond: Can the Rally Continue?
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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Market
Bitcoin Bulls Aren’t Backing Down: Rally Continues?
Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising and the bulls could now aim for a move above $94,000.
- Bitcoin started a fresh increase from the $86,600 zone.
- The price is trading above $88,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $91,000 resistance zone.
Bitcoin Price Aims Higher
Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before the bulls appeared.
A low was formed at $86,622 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $91,839 and the price is now consolidating. It tested the 50% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high.
Bitcoin price is now trading above $88,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $91,000 level. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $91,850 level. A clear move above the $91,850 resistance might send the price higher. The next key resistance could be $92,500.
A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $91,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $89,250 level.
The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $89,250, followed by $87,850.
Major Resistance Levels – $91,000, and $92,500.
Market
Dogecoin (DOGE) Eyes $0.50 Again: Is a New Rally on the Horizon?
Dogecoin is consolidating gains above the $0.320 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a consolidating like Bitcoin and stayed above the $0.320 resistance level.
- The price is trading near the $0.3750 level and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels.
Dogecoin Price Eyes Fresh Surge
Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising.
There was a move above the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading near the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3720 level.
The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the $0.3880 resistance might send the price toward the $0.400 resistance. Any more gains might send the price toward the $0.4200 level. The next major stop for the bulls might be $0.500.
Are Dips Limited In DOGE?
If DOGE’s price fails to climb above the $0.3720 level, it could start a downside correction. Initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level.
The main support sits at $0.320. If there is a downside break below the $0.320 support, the price could decline further. In the stated case, the price might decline toward the $0.300 level or even $0.2950 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3650 and $0.3500.
Major Resistance Levels – $0.3720 and $0.3880.
Market
Ethereum Price Confronts Barriers to a New Surge—Can Bulls Prevail?
Ethereum price started a downside correction below the $3,150 zone. ETH is now consolidating near $3,120 and might attempt a fresh increase.
- Ethereum started a short-term downside correction below the $3,150 zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above the $3,040 zone.
Ethereum Price Eyes Fresh Increase
Ethereum price failed to start a fresh increase above the $3,250 zone and started a downside correction like Bitcoin. ETH declined below the $3,150 and $3,120 support levels.
The bears even pushed the price below the $3,040 zone. It tested the $3,000 support zone. A low was formed at $3,016 and the price is now consolidating losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,120 level. There is also a short-term contracting triangle forming with resistance at $3,120 on the hourly chart of ETH/USD.
The first major resistance is near the $3,180 level or the 50% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low. The main resistance is now forming near $3,220.
A clear move above the $3,220 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,060 level. The first major support sits near the $3,040 zone.
A clear move below the $3,040 support might push the price toward $2,980. Any more losses might send the price toward the $2,920 support level in the near term. The next key support sits at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,040
Major Resistance Level – $3,120
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