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XRP recently approached a critical resistance level that bulls have long found difficult to overcome, only to be met with a severe rejection. The inability of the asset to rise above this level creates bearish momentum in the short term. The 200-day EMA may have created significant resistance, preventing XRP from rising higher and causing its value to fall further.
The price appears to be calming down for the bulls, and if the bulls fail to achieve a strong breakout above $0.55, XRP could remain under pressure going forward. Attempts to capitalize on upward momentum still face resistance at the 200-day EMA, which has historically served as a strong barrier. For this reason, traders and investors are keeping an eye on the drop in support levels for any signs of a reversal that could put XRP in a dangerous position. If XRP falls below $0.55, the bears will gain further strength and the price may fall.
XRP/USDT chart by TradingView
There is a significant support level to watch at around $0.50 where buyers may step in to protect their assets. If this level holds, there may be some upside, but if it falls below this level, bigger losses may occur. Additionally, there is bearish evidence in the relative strength index, which is currently in the mid-40s, suggesting that the tide is turning in the bears’ favor.
XRP bulls now need to regain control and muster enough strength to push the price back above the $0.55 resistance. Until then, XRP is expected to be under continued downward pressure, and any attempt at recovery may not last long. The $0.55 resistance and $0.50 support are important short-term levels for traders and investors to keep an eye on.
Bitcoin rebound
Bitcoin recently made a big move by breaking through the $67,000 mark following a 220-day selloff that affected the market for months. This breakout is important because it could signal a change in market sentiment, as Bitcoin has finally kept its price low and broken out of the pattern that investors were wary of. Bitcoin was unable to move higher due to the strong resistance provided by this downtrend line.
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If traders can sustain this level or move higher in the coming days, the market could see further bullish action now that it has broken out. Although a break in the downtrend is a bullish sign, it is still too early to declare complete victory for the bulls. The price would need to remain stable above $67,000 to establish sufficient conviction.
Failure to sustain this level could trigger a bearish pullback that tests lower support levels and traps overconfident bulls. The next big test will be whether Bitcoin can maintain its upward momentum while locking in profits. Bulls should keep an eye on the looming resistance near $70,000 and key price support near $62,970. If buyers continue to flood the market, these levels could lead to more substantial and long-term upside. Volatility can increase after such a significant technical break, but caution is advised.
dogecoin moves forward
The 200-day EMA is an important technical level that Dogecoin is moving through and could indicate significant progress. Strong momentum and a possible change in market sentiment are often signaled by a surge in trading volume, and Memecoin has managed to overcome the 200-day EMA, which has previously served as a formidable resistance level.
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Dogecoin is currently trading at around $0.12, a level not seen in a while as it previously struggled to break above the benchmarks of $0.11 and $0.12. As the chart provided shows, there is additional evidence that buyers are entering the market to sustain the current rally, which could lead to further price increases.
If Dogecoin maintains its current momentum and secures a solid daily close above the 200-day EMA, it could target $0.13 and $0.15 in the near future, setting the stage for a sustained uptrend. There is a possibility. These levels are critical because they acted as resistance in DOGE’s previous recovery attempts.
Price may retreat to support levels near $0.11 or even $0.10, potentially consolidating before attempting to break further above, but will be rejected if it fails to sustain above the 200-day EMA. It is important to remember that reactions and backlash are possible. For now, all eyes are on Dogecoin to see if it can continue its rally and break above the 200-day EMA.
