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XRP Price Momentum Fades Away, As Key Support Invalidated

Published 2023-12-01, 01:14 a/m
© Reuters.  XRP Price Momentum Fades Away, As Key Support Invalidated
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U.Today - appears to be waning. The asset has seen its trajectory stunted as a critical ascending trendline support was invalidated. This trendline, a beacon of hope for many bullish traders, was expected to propel XRP to new heights but has failed to maintain its role as a springboard for upward momentum.

The invalidation of this trendline is a significant development, marking a potential shift in market sentiment. Typically, such trendlines are formed by connecting the lows of the price, creating a slope that indicates the general direction of the market's movement. A break below this line can often signal a change in the underlying trend, suggesting that sellers are gaining control.

The chart reveals another layer of support, hovering just above the 50-day Exponential Moving Average (EMA), which traders are now eyeing as last stand for a bounce back. This EMA often acts as a dynamic support level on trending markets, smoothing out price action and providing a reference point for traders. If XRP's price can hold above this level, it might still have a chance to regain its footing and resume its upward trajectory.

Cardano stays resilient

demonstrates surprising resilience as it navigates through a phase of tight consolidation. After a remarkable rally that saw the price rebound off the lows, ADA is now trading in a constricted range, gathering momentum for its next significant move.

The price action of ADA reveals a sustained uptrend, with the moving averages aligning to support this bullish narrative. The 50-day moving average (MA), seen as the blue line, is positioned comfortably above the 200-day MA, depicted by the black line, suggesting a bullish crossover has taken place. This Golden Cross is often a harbinger of continued upward price momentum.

Support levels are key to ADA's continued resilience. The first significant support level to watch is at $0.35, where has shown strong buying interest in recent sessions. This level is further bolstered by the 50-day MA, which should act as dynamic support. A dip below this could see ADA testing the next support at $0.30, aligning with the 200-day MA and historical price reactions.

Looking upward, the immediate target for ADA is to breach the $0.40 resistance, which has capped previous attempts at a rally. A decisive close above this threshold could pave the way for ADA to test the $0.45 level, where a confluence of prior highs and psychological resistance lies.

Dogecoin's volatility surge

After a period of consolidation, DOGE's price has made an energetic bounce off its key moving averages, igniting discussions about potential reversal points and its general price trajectory.

In recent trading sessions, has been flirting with the 50-day and 200-day Exponential Moving Averages (EMAs), which are key indicators used by traders to determine the asset's momentum.

The 50-day EMA, represented by the light blue line, has provided a dynamic level of support, guiding the price on its upward journey. This EMA, coupled with the longer-term 200-day EMA shown by the black line, has formed a critical zone where DOGE has found robust buying interest.

The price of DOGE currently stands near the $0.083 mark, showcasing a rebound from the EMA support zone. This rebound suggests that despite the overall volatility on the crypto markets, there is still a strong belief in the upside potential of Dogecoin.

Technical analysts are eyeing the $0.088 level as a potential reversal point where DOGE could face resistance. A breakthrough above this level could indicate strong bullish sentiment and potentially open the door to the $0.10 psychological mark. Conversely, should the momentum falter, the area around $0.078 provides the next substantial support, with the 50-day EMA acting as the first line of defense against any bearish pullback.

This article was originally published on U.Today

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