Insightful Analysis on DOGE’s Potential Decline
As observed from Kriptokoin.com, the cryptocurrency market remains highly volatile. The analyst known as Cheds has highlighted that if Dogecoin (DOGE) loses a significant support region, it could undergo a 33% correction. Cheds states, “DOGE is likely heading towards the $0.11 – $0.12 range.” At the time of reporting, DOGE was valued at $0.166. In a detailed strategy session, Cheds elaborates on why DOGE might decline further before stabilizing:
“There’s little reason for optimism about DOGE. The chart looks unfavorable, suggesting a potential drop to $0.11 to test lower levels. DOGE faces a robust descending supply trend.”
Source: Cheds/YouTube
Bearish Projections for Ethereum and Ripple (XRP)
The strategist also examines Ethereum (ETH), predicting that ETH is moving towards a crucial support zone near $1,000. Cheds notes, “ETH has fallen from $3,400 to $1,840 and might reach the $1,200-1,300 range, making it a worthwhile buy then.” At the current moment, ETH trades at $1,863.
Turning to Ripple’s native token XRP, Cheds asserts that if XRP maintains its position above $2, the bulls dominate the scenario. However, he cautions investors to mitigate risks if XRP dips below this critical price point.
XRP Price Forecast and Market Dynamics
The XRP price has successfully defended its $2 support level, showing potential for upward movement due to a solid technical outlook and significant whale activity. Recent on-chain data reveals a Ripple whale acquired 18 million XRP tokens, valued at approximately $9 million, during the recent market dip. Such substantial purchases indicate whales may be positioning for a potential price increase.
This whale activity coincides with the strong performance observed on the XRP 4-hour price chart. The RSI line has rebounded from the oversold zone, forming higher lows, indicating increased buying pressure that might avert a drop to $1.5. Furthermore, the XRP price has breached the lower Bollinger band and is testing the middle band resistance. A breakout above this band could lead to the next resistance at $2.18, with the potential to surpass $2.55, pushing XRP price forecasts higher.
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