U.Today – After weeks of uncertainty, it is starting to show signs of recovery as its price continues to rise. DOGE is currently trading at $0.10, slowly approaching the second zero of the decimal point — a psychological barrier that could indicate a up-to-date life for the meme-based cryptocurrency.
Based on recent price action, Dogecoin has gained almost 2% over the past day after rising from support levels around $0.09. This rise aligns with a pattern of higher lows for DOGE, suggesting a potential uptrend is forming.
In addition, market dynamics have slightly changed in Dogecoin’s favor. If other leading cryptocurrencies maintain their relatively neutral position in the market, increased social media activity and renewed interest from retail traders could support drive prices higher.
Dogecoin’s Relative Strength Index (RSI) is around 45, which means it is neither overbought nor oversold, allowing for future growth without facing a lot of selling pressure right away.
A rally could begin if the price continues to rise and breaks through crucial resistance levels, especially those around $0.12-$0.13.
stagnation
As Shiba Inu (SHIB) struggles to overcome the stagnation that has been ongoing since early August, it continues to show signs of weakness. Concerns about the asset’s near-term future are raised by the fact that it is currently experiencing very little volatility in price and trading volume.
The asset used to be very volatile. SHIB has made several attempts to rally but failed to do so. It is currently trading at around $0.00001317. It is clear that the market is not expecting a breakout as long as the price remains below crucial moving averages such as the 50-, 100-, and 200-day EMAs.
Due to its longer period of activity, SHIB’s volatility has declined significantly, making it complex for investors and traders to predict any significant price swings unless there are major market changes.
The lack of broader market momentum is one of the main reasons for SHIB’s stagnation. Without a noticeable augment in these assets, it seems doubtful that SHIB will recover on its own. Cryptocurrencies like Bitcoin have also experienced periods of low volatility. SHIB’s position is further complicated by whale activity and lack of liquidity, which increases its vulnerability to potential declines.
Without a more broad market rally, SHIB’s future remains uncertain. As the token struggles to regain the momentum it had during previous surges, investors are starting to question its long-term durability. As it stands, SHIB remains volatile and could remain so unless the market as a whole sees an augment in interest in riskier assets.
sees a huge drop
Recent trading has seen XRP narrowly avoid a major drop as it momentarily fell below the key $0.50 level. Many traders and investors were concerned about this development, especially due to the possibility of a break below the ascending trendline that has been key to XRP’s market structure in recent weeks.
There were concerns that the crash could lead to a larger sell-off as XRP falls to just below $0.50. The token bounced off the ascending trendline that has served as a support level for most of the current recovery phase, but held its ground nonetheless.
A break of this trendline would allow for additional declines, potentially pushing XRP into the $0.45 range or lower. However, the quick rebound prevented a possible disaster. The 50, 100, and 200 EMAs are some of the major moving averages that XRP is currently trading below. These EMAs act as resistance levels that the price needs to break through in order to make a sustained move higher. XRP is currently trading around $0.53.
It hasn’t completely disappeared though and there may still be room for recovery, as evidenced by the fact that it was able to stay above the rising trendline. While the market is still unpredictable, XRP has seemingly avoided a significant drop for now.
