Following two days of declines, dogecoin rebounded earlier in today’s session, moving away from a key level of support. The meme coin, which has been hovering close to a one-month low, surged, as bulls seemingly bought the dip. The token formerly known as ripple (xrp) was also higher.
Dogecoin (DOGE) was a notable gainer in today’s session, as the meme coin rebounded following recent losses.
So far this week, DOGE/USD has been trading around a floor of $0.0580, however prices rallied beyond that point today.
The world’s tenth largest cryptocurrency rose to a high of $0.06068 earlier today, as bulls seemingly have their sights set on a resistance point.
Looking at the chart, this ceiling is the $0.0620 mark, which was last hit ten days ago, on October 10.
Currently, the 14-day relative strength index (RSI), has reached a resistance level of its own, and is currently tracking at this point of 47.50
Should dogecoin bulls intend to take prices higher, we would first need to see a breakout of this current hurdle.
XRP, formerly ripple, was another big mover on Thursday, as price bounced from its own support point.
Following a low of $0.4501 on Wednesday, XRP/USD raced to an intraday peak of $0.4638 earlier today.
Today’s move sees XRP snap a two-day losing streak, bouncing from a support of $0.4500 in the process.
Recent declines have also led to the 10-day (red) moving average (MA) dropping below its 25-day (blue) counterpart.
Although prices have since rebounded today, this shift in moving averages could be a signal for greater drops in price to come.
Momentum in XRP has shifted in the last two weeks, as it was hovering close to a five-month high previously.
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Could bulls continue to send xrp higher this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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