Following two days of declines, dogecoin rebounded earlier in today’s session, moving away from a key level of support. The meme coin, which has been hovering close to a one-month low, surged, as bulls seemingly bought the dip. The token formerly known as ripple (xrp) was also higher.
Dogecoin (DOGE) was a notable gainer in today’s session, as the meme coin rebounded following recent losses.
So far this week, DOGE/USD has been trading around a floor of $0.0580, however prices rallied beyond that point today.
The world’s tenth largest cryptocurrency rose to a high of $0.06068 earlier today, as bulls seemingly have their sights set on a resistance point.
Looking at the chart, this ceiling is the $0.0620 mark, which was last hit ten days ago, on October 10.
Currently, the 14-day relative strength index (RSI), has reached a resistance level of its own, and is currently tracking at this point of 47.50
Should dogecoin bulls intend to take prices higher, we would first need to see a breakout of this current hurdle.
XRP, formerly ripple, was another big mover on Thursday, as price bounced from its own support point.
Following a low of $0.4501 on Wednesday, XRP/USD raced to an intraday peak of $0.4638 earlier today.
Today’s move sees XRP snap a two-day losing streak, bouncing from a support of $0.4500 in the process.
Recent declines have also led to the 10-day (red) moving average (MA) dropping below its 25-day (blue) counterpart.
Although prices have since rebounded today, this shift in moving averages could be a signal for greater drops in price to come.
Momentum in XRP has shifted in the last two weeks, as it was hovering close to a five-month high previously.
Register your email here to get weekly price analysis updates sent to your inbox:
Could bulls continue to send xrp higher this week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
This news is republished from another source. You can check the original article here