The cryptocurrency market is relatively in consolidation, with Bitcoin teetering between $40,000 and $37,000. Ethereum continues to struggle with the uptrend, especially with support at $2,400 lost. Most crypto assets are red apart from some selected altcoins such as Theta Network and Theta Fuel.
The cross-border money transfer token has extended the consolidation period to the end of the week. Its narrow range spans from $0.8 to $0.9. However, the 50 Simple Moving Average (SMA) caps the immediate upside at $0.85.
XRP teeters at $0.84 at the time of writing as bulls focus on lifting beyond $1. The sideways price action is mainly emphasized by the Moving Average Convergence Divergence (MACD) indicator as it levels at the zero line. This technical too does not have defined bearish or bullish signals, insinuating that the prevailing indecisiveness may spill into the weekend session.
Closing the day above the 50 SMA may validate the bullish leg toward $0.9, but the breakout to $1 will depend on the buyer’s ability to break the resistance at the 100 SMA.
XRP/USD four-hour chart
XRP/USD price chart by Tradingview
Dogecoin is on the verge of a massive retreat based on the four-hour timeframe chart. The meme coin can barely hold above $0.3 while at the same time, battle the stubborn resistance at the 50 SMA.
It would be detrimental to close the day under $0.3 due to the many sell orders likely to trigger sell orders at this level. Therefore, besides the support at $0.28, Dogecoin could seek refuge toward $0.22 (support in May).
DOGE/USD four-hour chart
DOGE/USD price chart by Tradingview
The MACD has a bearish outlook, as observed on the chart. The failure to settle above the zero line sees the MACD assuming a bearish inclination. Moreover, declines will become apparent if the MACD line sustains a wide gap below the signal line.
On the upside, a break above the 50 SMA may add credence to the bullish narrative. However, bulls must focus on gains past the 100 SMA and toward $0.4.
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