XRP is in danger of falling to $0.65 as the bears step in at the 23.6% Fibonacci level ($0.899). Dogecoin geared up for a 35% correction after the descending triangle formation.
XRP price analysis
Looking at the 4-hour chart of XRP, we can see that the bulls have struggled to break above the 38.2% Fibonacci level ($1.05) over the past few days. This, coupled with bearish signals from the market, led to another breakout as XRP moved downward. There is little support area between the $ 1.05 to $ 0.65 drop, but none of them are yet seen as reliable buy areas. If these levels rise, we can expect a reversal to $0.83 – $0.76.
Interestingly, the EMA strips also moved between $0.968 and $1.05, making this region a very important one to recover. In the event of a breakout, a 15% increase could await XRP from $1.05 to $1.21 and the 200-SMA (light blue). The MACD indicator showed a bearish trend and came back below the equilibrium. This points to bear market conditions.
Dogecoin (DOGE) price analysis
The descending triangle formation on the 4-hour chart has posed a threatening situation in the Dogecoin market. Since hitting record highs after Elon Musk presented SNL, DOGE has consistently formed lower highs while failing to retake key areas, even in a broader bullish market. The bottom zone between $ 0.29 – $ 0.27 represents the cut-off point for the bulls. Any move below that could cause a break in the pattern, triggering a 35% spiral towards mid-April $ 0.179 levels.
On the other hand, an increase above $ 0.377 will neutralize the pattern and allow more bullish price action. The ADX indicator has moved above 25 as there is a strong trend for another price swing. The RSI is in the slightly bearish zone and the chances of a bullish forward look slim.