XRP has reached a critical moment: How to interpret the descending flag pattern?
The current candlestick chart of XRP looks like a descending flag pattern, which often indicates that there may be more downward movement. However, XRP is currently supported by the 26-day Exponential Moving Average (EMA), which has previously stabilized the price several times or led to rebounds.
A descending flag pattern means that the price is moving down step by step within a narrow channel, with lower highs and lower lows. Although it appears quite calm, the trading volume is gradually decreasing, which is a good sign, indicating that the selling pressure is not as strong, or the entire market is in a consolidation phase.
If the 26 EMA can hold, XRP might rebound to the resistance area around $2.4 and then test the range of $2.6 to $2.8. However, if the 26 EMA cannot hold, the 50 EMA (around $1.69) might be the next support level. If it drops to that level, the selling pressure could increase significantly.
DOGE price is wavering, with downside risks still present
Dogecoin (DOGE) is currently fluctuating around $0.318, appearing to be temporarily balanced. However, this balance might be broken at any moment, and the bearish signals are quite apparent.
DOGE has now fallen below the 50 EMA, indicating that the bullish momentum has diminished. If the selling pressure increases, the price may head towards the 100 EMA (around $0.283). That line could potentially provide some resistance, but the strength of the rebound is not sufficient yet.
If it falls below the 100 EMA, the 200 EMA (around $0.212) might be the next target. Of course, if it can break through the resistance at $0.35, the price might return to $0.4 or even higher. But this will depend on the overall market recovering. As it stands, DOGE is likely to face some downward pressure in the short term.
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