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Given the clear signs of slowing market momentum, Dogecoin’s ambitious quest to reach the $1 milestone may have hit a snag. Given that Bitcoin recently experienced a retracement that impacted altcoins in general, DOGEThe trajectory seems less promising. The coin, which showed great promise only a few weeks ago, is currently experiencing a decline in inflows and a decline in market interest. Dogecoin was directly affected by the sharp drop in the price of Bitcoin.
Bitcoin’s dominance, which typically fuels altcoin rallies, has waned somewhat, but overall market inflows have slowed significantly. A significant factor that has hindered Dogecoin’s ability to continue its upward trajectory is stagnant capital movements. Dogecoin is now trading at around $0.39, having barely managed to maintain its recent highs of around $0.50. Although the ascending trendline on the chart remains a short-term support level, a decline in volume indicates that traders are losing confidence in the market.
Also reflecting cooling dynamics, indicators such as the RSI are below the overbought zone, suggesting further consolidation or even a downward correction. Without a significant catalyst, the goal of reaching $1 seems less likely, but it is still possible. A significant influx across the entire market or a DOGE-a specific event would be necessary for Dogecoin to regain momentum.
But Dogecoin is at risk of losing ground, given bearish market conditions and the impact of Bitcoin weakness on sentiment. There could be a larger correction towards $0.30 or even lower levels if DOGE breaks below trendline support.
The relevance of XRP
A significant move to higher levels could be imminent based on recent XRP price action. Despite the current reversal, this appears to be a constructive correction rather than the start of a more significant decline. The asset’s momentum is still strong, which could pave the way for a recovery in the days to come. After briefly testing levels above $1.60, XRP is currently trading at around $1.42.
The price has returned to a critical zone where previous resistance has become support following the recent decline. This suggests that rather than reversing its trend, the asset is consolidating its most recent gains. The 50 EMA, 100 EMA, and 200 EMA offer strong support below, and the exponential moving averages (EMA) present a bullish alignment.
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Volume is still higher than before the rally, indicating that there is still interest in the asset. The RSI is also in a bullish zone, suggesting potential for further upside movement, although it is slightly below its overbought levels.
The recent setback is probably not a sign of weakness but rather a normal pause after a huge rally. Under comparable market circumstances, XRP has always shown resilience, recovering quickly from small corrections. Support above $1.40 could help the asset gain ground for a follow-up test of $1.60 and possibly higher levels.
Cardano remains dominant
Despite general market trends, Cardano has demonstrated exceptional strength and resilience in its recent price performance. ADA is currently trading at around $0.99, having made a significant recovery from its consolidation phase earlier this year, paving the way for possible future gains. Its ability to maintain its momentum could be affected by the difficulties linked to this upward trajectory.
ADA has broken out above key resistance levels due to the recent rally, especially around $0.70 and $0.50, which are now strong support levels. A noticeable increase in trading volume supports this breakout, indicating increased market interest.
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The bullish alignment of the 50 EMA, 100 EMA and 200 EMA below the current price highlights the continuation of the bullish outlook. The fact that ADA has managed to hold above $0.90, a crucial psychological level, suggests that buyers are very confident. Since the RSI is still high and does not yet indicate that the market is extremely overbought, there could be more upside potential before a correction takes place.
Although ADA works well, it meets resistance in the range of $1.10 to $1.15. In particular, if market sentiment turns negative, this zone can serve as a temporary barrier. A slight decrease in volume in previous sessions may also be a sign of slowing dynamics. The next important support lies at $0.70, and a deeper correction could target $0.50 if ADA is unable to sustain above $0.90.