- XRP and Dogecoin prices are down as SHIB rises over the last 24 hours.
- Things are looking up for SHIB on the weekly chart.
- Investors need to pay close attention to the bullish divergence currently present on the weekly chart for XRP.
XRP’s price is down over the last 24 hours, according to CoinMarketCap. Meanwhile, the crypto market tracker also shows that Dogecoin (DOGE) also experienced a loss over this time period while the popular meme token, Shiba Inu (SHIB), gained in price.
This article will be a technical analysis on the aforementioned cryptocurrencies to see what this week may have in store for them.
Weekly chart for XRP (Source: Trading View)
A bearish descending triangle has pushed XRP’s price down on the weekly chart as it dropped to its current level at around $0.3393. In the last 24 hours, XRP’s price has continued to fall by around 0.97%.
The price of XRP is being held up by the base of the bearish chart pattern as the last 4 weeks have seen it floating slightly above this level. With this being the case, the level may be able to hold out for another week. However, if it is unable to do so then the next target for XRP’s price is $0.2464.
At the moment, the weekly chart for XRP looks bearish given the fact that the 9 Exponential Moving Average (EMA) is positioned below the longer 20 EMA. Looking at the slope of the 9 EMA line, it seems that the short-term weekly bearish trend is acquiring some strength.
One thing to keep an eye on is the bullish divergence that has popped up on the weekly chart for XRP as the Relative Strength Index (RSI) has printed higher highs while XRP’s price posted lower highs. This bullish divergence could play out over the next week or two which will result in XRP’s price gaining some life again.
Daily chart for DOGE (Source- Trading View)
Looking at the daily chart for DOGE/USDT, a bullish ascending triangle has formed on the chart as DOGE’s price attempted a comeback above the key resistance level (the base of the chart pattern). However, bears had the upper hand as they were able to keep DOGE’s price below the level with the price escaping out of the chart pattern.
Now, DOGE’s price has consolidated somewhat but this may not be the case for long as bearish signs begin to crop up on the daily chart for DOGE.
The first bearish indicator that investors should take note of is the RSI crossing below the RSI SMA line. Despite the recent bearish cross of the two lines, the bearish trend may not exist for long as the margin between the two lines is very slim.
A bearish indicator that investors need to watch out for is the 9 EMA line crossing below the 20 EMA line. At the moment, the 9 EMA line is positioned above the 20 EMA line, which is bullish. However, once again, the margin between the two lines is very slim. This suggests that a bearish cross of the two lines is imminent if the current movement continues.
If the 9 EMA line crosses below the 20 EMA line, then the bearish trend could strengthen and investors will see the RSI begin to break away below the RSI SMA line.
Weekly chat for SHIB (Source- Trading View)
Things are looking up for SHIB when looking at its weekly chart. A bullish ascending triangle has formed on the weekly chart for SHIB as the price climbed from its weekly low in this bear market to its current level of $0.00001218 with the price now looking to challenge the resistance level at the base of the chart pattern.
Despite the 9 EMA being positioned below the 20 EMA, the RSI suggests that SHIB could break above the base of the triangle. If this were to happen, then SHIB’s price could soar as high as $0.00002345. It will all depend on what bulls do in the next 48 hours. Should bulls not step in, then SHIB’s price may consolidate at the current level as it escapes the chart pattern.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.