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December 5, 2022
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Guide & Analysis

Altcoins taking off led by Ripple, Cardano and Dogecoin

Ripple, Cardano and Dogecoin have shown excellent performance in recent days

The cryptocurrency market is exhibiting a strongly optimistic image with the green color painted everywhere. Interestingly, some altcoins (especially Ripple, Cardano and Dogecoin) are performing significantly well compared to major currencies, such as Bitcoin and Ethereum. Ripple is in charge of the recovery witnessed across the market, which confidently skyrockets to $ 0.20. Cardano is showing his talent with earnings close to $ 0.14.

Some of the top performing digital assets in the top 100 include Chainlink (14.64%), Stellar (10.84%), VeChain (18.49%), Cosmos (12.90), Dogecoin (53.33%) , Ox (18.91%), Ren (12.27%) and Siacoin (15.81%).

Ripple price update (XRP)

As mentioned, Ripple is struggling for $ 0.20 after recovering from $ 0.1850 (traded earlier in the day). The price is fluctuating at $ 0.1986 after testing the obstacle at $ 0.20. The RSI is still in the overbought region, which means that buyers are still in control. However, oversold conditions may also signal a possible reversal.

Therefore, paying particular attention to the RSI can help to tell the direction the XRP will take. For now the attention of the bulls is to release the resistance at $ 0.20. Support is expected at $ 0.1950 and $ 0.1850.

1-hour XRP / USD Chart

Altcoins taking off led by Ripple, Cardano and Dogecoin 23

Cardano (ADA) price update

Coinbase Custody announced support for Cardano in the midst of the transition to upgrading the core Shelly network. Cardano rose above $ 0.1 and reached $ 0.14. A small setback sent the price to $ 0.1330 (market value). However, interest in the currency still remains high and has targets above $ 0.14 and $ 0.15, respectively.

Technical indicators support the action of rising prices, especially the RSI and MACD. The latter shows an upward divergence in the positive region, while the RSI is buried deep in overbought territory. The moving average of the gold cross means that earnings are likely to continue in the short term. In the event of a reversal, support areas are in abundance, including $ 0.10, the accelerated trend line (broken line) at $ 0.08 (50-day SMA) and the main trend line.

ADA / USD rate card

ADA / USD price chart

Dogecoin (DOGE) price update

Dogecoin leads altcoins in their peak season, with gains reaching 55% in 24 hours. During May and June, the DOGE price consolidated around US $ 0.0025. There was a small drop in the last week of June, with July rising around 0.002325. Support was adopted at the 200-day SMA, while a break after the SMA 50 paved the way for the ongoing recovery mission.

Doge exploded in some candles with a leg up that extended above $ 0.0055. Unfortunately, it was very difficult to sustain gains above US $ 0.0050, giving rise to a reversal to US $ 0.40 (market value). For now buyers are still in control based on the trend shown by the RSI and MACD.

DOGE / USD daily chart

DOGE / USD price chart

Source: FXStreet

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