The 200-day EMA is a crucial technical level that traders frequently monitor, and it is currently where XRP is finding resistance. As can be seen from the attached chart, XRP is battling this crucial resistance by circling around the $0.55 range. The asset might avoid the death cross if there is a successful break above the 200 EMA and the start of a new uptrend. Another sign of a decision point is the converging EMAs.
Should XRP be able to maintain its position above this barrier, new bullish momentum may be generated, which would enable the token to keep rising. Conversely, if XRP is unable to overcome the resistance, it could be forced back downhill, which would raise the possibility that the death cross will occur. XRP’s future is now largely dependent on its ability to overcome this significant resistance level.
The asset may be able to avoid the approaching bearish signal and start a long-term uptrend, or the market may experience additional selling pressure in the coming weeks. These developments will be determined by future price movements. For more clarity as to what direction to take, observe the volume and price reactions in the upcoming days.
Technically, it is significant to break above $66,000, but in the absence of significant buyer interest, it is meaningless. The low volume raises the possibility that bulls may lack the momentum necessary to maintain a strong uptrend, endangering the possible rally. This buyer reluctance suggests that there may be obstacles in the way of Bitcoin’s push toward $70,000.
The amount of $65,900 is the next immediate support level. The bullish argument for Bitcoin could be further undermined if the price drops back into a consolidation phase if it is unable to maintain above this level. But if Bitcoin is able to maintain its price above $66,000 and draw in more buyers, there may still be a push for the price to rise, perhaps reaching $70,000.
Bitcoin is still at a crucial point right now. The confirmation that bulls are prepared to take over and push prices higher requires a significant spike in volume. If not, this breakthrough might prove to be a false indication, making Bitcoin susceptible to downward pressure.
But now that Dogecoin has surpassed the crucial $0.13 threshold, the pattern is no longer valid. In contrast to reverting to its previous bearish cycle, breaking through this top indicates that Dogecoin may be preparing for a long-term uptrend. This break is important because it allows DOGE to rise even higher, particularly if buying pressure keeps increasing. The next significant obstacle may be well into higher price levels, which would give bulls ample opportunity to drive the price higher now that $0.13 has passed.
Since Dogecoin has reversed the script by moving above the double top pattern, which normally indicates weakness, invalidating it is especially crucial. This makes room for a more hopeful scenario in which DOGE keeps growing. Although volatility should always be taken into account, Dogecoin’s recent performance suggests that a long-term bull run may be in the cards.
DOGE may target even higher levels if buyers keep buying and drive the price above significant resistance levels. As the breakout continues, however, the move past $0.13 is encouraging for Dogecoin fans for the time being, and there appears to be a good chance for additional gains. In the upcoming days, monitor the market’s response to determine whether this rally has genuine enduring strength.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
