MATIC, XRP and Dogecoin Price Analysis: 16 August
It has been a mixed day for the cryptocurrency industry. With Bitcoin above $47K, Dogecoin appreciated by 10.8% while MATIC only logged minor gains of 1.5% after breaking through $1.51 resistance. Conversely, XRP declined minorly on the charts, despite holding itself at a multi-month high of $1.29,
MATIC was valued $1.53 at press time. The alt pushed north from $1.36-support, where it traded over the past few days, and toppled $1,51 resistance. If prices sustain at this current level, MATIC could test $1.56 resistance.
MATIC’s four-hour chart flashed mixed signals as the MACD displayed red bars on the histogram. The indicator also depicted a bearish divergence with respect to the alt’s price, signifying chances of a price correction. If prices retrace, the alt could rest on the $1.36 support line.
Conversely, Awesome Oscillator had green signal bars indicating bullish movement, along with an uptick seen on the Relative Strength Index.
XRP coin experienced a slight decline of 1.0% over the last 24 hours. Prices last touched the current level on 19 May, post which, the coin again fell to the $1.22 support level. A similar result awaited XRP if bears assume market control.
Technicals for XRP emanated bullish signals as the Awesome Oscillator observed red signal bars indicating bearish movement. Bollinger Bands diverged heavily, indicating sharp chances of increased market volatility.
Relative Strength Index traded in the overbought territory which could trigger a price reversal.
Dogecoin shot up by 10.8% with prices at $0.338, steering clear of its $0.273 support level, the alt was seen eying its immediate resistance of $0.344. The technical analysis of DOGE was bullish in nature.
Awesome Oscillator noted amplified green signal bars which translated to bullish pressure in the market. Chaikin Money Flow, despite noting a small decline in capital inflows was seen well above the half-line inside the bullish territory.
Relative Strength Index was pictured above the overbought territory with chances of a pullback. In such a case, Dogecoin could trade around the $0.314 support level.
Subscribe to our NewsletterSource