DOGE, XRP Rebound After Recent Declines – Market Updates Bitcoin News
After two days of declines, dogecoin bounced back earlier in today’s session, moving away from a key level of support. The meme coin, which has been hovering near a one-month low, rallied as bulls apparently bought the dip. The token formerly known as ripple (xrp) was also higher.
Dogecoin (DOGE)
Dogecoin (DOGE) was a notable winner in today’s session, as the meme coin rebounded from recent losses.
So far this week, DOGE/USD has been trading around a floor of $0.0580, but prices rose above that today.
The world’s 10th largest cryptocurrency rose to $0.06068 earlier today as bulls have apparently targeted a resistance point.
Looking at the chart, this ceiling is the $0.0620 mark, which was last hit ten days ago on October 10th.
Currently, the 14-day relative strength index (RSI) has reached a resistance level of its own, and is currently trailing at this point at 47.50
Should dogecoin bulls intend to push prices higher, we need to see a breakout of this current hurdle first.
XRP, formerly Ripple, was another big draw on Thursday as the price bounced off its own support point.
After a low of $0.4501 on Wednesday, XRP/USD rallied to an intraday high of $0.4638 earlier today.
Today’s move sees XRP snap a two-day losing streak, bouncing off a $0.4500 support in the process.
The recent declines have also seen the 10-day (red) moving average (MA) fall below its 25-day (blue) counterpart.
Although prices have risen back today, this shift in the moving average may be a signal for greater price falls ahead.
Momentum in XRP has changed over the past two weeks, as it was near five-month highs earlier.
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Can bulls continue to send xrp higher this week? Let us know your thoughts in the comments.
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