- Dogecoin and XRP continue bearish runs as they fall by 9 percent and 6 percent respectively in the last seven days.
- An analyst, however, expects a comeback that could see XRP hitting $8.5 in just a few months.
The crypto market was in the past couple of weeks showing signs of an upward trend with analysts predicting a higher trading price for some assets when crucial resistance levels are overcome. However, a surprising turn of events has seen bears dominating the market as leading assets become victim to price pullbacks.
Over the past seven days, Dogecoin has fallen by 9 percent after trading at $0.068010. This is said to be an intraday low, becoming a huge concern to investors who bought at the peak on Tuesday at $0.07407.
Market data shows that Dogecoin fell for a fourth straight session before getting to this price. It can be recalled that the meme coin fell to as low as $0.0682 on July 19. Since then, the price had not been that low until today. According to analysts, there was a downward crossover of the moving averages known as the death cross, and this might have contributed to the pullback. On top of this, the Relative Strength Index (RSI) hit its lowest in four weeks, currently “sitting” at 39.10.
XRP Market Taken Over by Bears
XRP has also extended its bearish run to trade at $0.589778 after falling by 6.4 percent in the last seven days. The asset has had a bearish market sentiment in the wake of recent reports that the US Securities and Exchange Commission is filing for appeal against the ruling recognizing XRP as a security. Since Wednesday, the asset has broken key support levels to record multi-week lows.
On Tuesday, the digital asset was trading at $0.6275. The current trading price is reported as the lowest it has ever recorded since mid-July. Analysts have observed that there was a breakout of the support point at 40 on the RSI indicator. This is currently approaching 36, its weakest point since May. At that point, the price was trading at $0.4600. Per the market trend, it is expected that bulls reject an extended fall to the floor price at the zone of 32.00.
Could the Asset Bounce Back Soon?
Last week, an analyst identified as CRYPTOWZRD predicted that XRP would stage a rally to hit $8.5. According to him, there is something called the Treasury Map which indicates the data on the XRP weekly chart. This takes a critical look at the price behavior dating 2013. From careful analysis, it is evident that the price is on the verge of a breakout amidst the backdrop of the SEC’s appeal.
In October 2013, XRP made a 953 percent surge from $0.00583 to $0.06144 in December of that same year. After this, the asset pulled back to $0.00281 in July 2014 before staging a comeback to $0.02803 in December 2014. After this, the market went through a correction that followed a series of A, B, and C patterns. The pattern is said to have ended at a low of $0.00404 in November 2015.
After a year, the asset surged by 1,568 percent to record its all-time high price of $3.3 in January 2018. According to the analyst, the same price pattern has repeated, pending the final breakout in the next few months.
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