Dogecoin trading volume has recently surged, reaching an all-time high of $1.2 billion. The sudden increase in trading volume prompted traders and investors to buy Dogecoin, temporarily pushing up its price. However, as trading volume has begun to decline, the price increase seems to be slowing down, suggesting that the price may fall soon. During this surge, Dogecoin reached a high of $0.124, and has since begun to fall. It is currently trading at around $0.1205.
When trading volumes return to more normal levels, price action suggests that purchasing power may have been exhausted. This change in market dynamics could lead to a more significant pullback if buying pressure fails to recover. Whales and speculative traders were the main factors behind the sudden spike in trading volume, but there appears to be no sustained buying interest at the current highs.
Given the drop in trading volume, Dogecoin may struggle to maintain its current price. If trading volumes return to pre-peak levels, prices could retrace further and test some major support levels. The 50-day moving average sits around $0.117, which is the first significant support level to watch. For Dogecoin holders, this level may provide some short-term respite; however, if it falls below this level, a more significant correction may be underway. Another key support level that could act as a buffer is $0.1139, below which. Finally, $0.1104 is Dogecoin’s last line of defense before it enters more bearish territory and could push the price further down.
The article is for reference only and does not constitute investment advice.
XRP performs strongly
XRP’s recent price action has been extremely strong, pushing the asset above $0.63, up about 50% from recent lows. The new bullish sentiment has sparked talk of a possible new price target of $0.94, an important historical level for XRP. While this target appears within reach, the road ahead may be tough for bulls.
One reason for optimism is that XRP has recently broken out of a symmetrical triangle pattern, which typically indicates further upside potential amid increasing volume and momentum. The pattern has been developing for several weeks, and the breakout provides XRP with more momentum. Although XRP is getting closer to overbought territory, the relative strength index remains relatively strong, suggesting that buyers are still in control for the time being. However, continued buying pressure is needed to reach $0.94 - especially since XRP faces multiple resistance areas.
The first significant resistance is located at $0.70, which has previously acted as a barrier when breaking out to the upside. This level must first be crossed in order to reach the next target, which is closer to $0.80. In the bigger picture, bulls must ensure that XRP stays above $0.60, which is currently acting as a solid support level. A break below this level could indicate that the current rally is about to slow down and could see a reversal.
The article is for reference only and does not constitute investment advice.
Solana sends a strong signal
On the daily chart, Solana is preparing for a potentially important technical event as the 26-day exponential moving average is about to cross the 100-day exponential moving average. This golden cross pattern typically indicates a bullish trend and suggests that the price of SOL could rise in the coming days. The chart shows that Solana is currently trading at around $157, having rebounded from a low of $142 in mid-September.
After a period of consolidation, the asset seems to have regained strength and is now heading higher in line with the current trend. The short-term momentum indicator, the 26-day exponential moving average, has been gradually rising and is poised to cross above the 100-day exponential moving average, a key signal for medium-term price action.
Historically, a crossover of the 26-day moving average with the 100-day moving average indicates a shift in sentiment from cautious to optimistic, which often signals the start of a bullish trend. SOL could get the momentum it needs to overcome resistance from this crossover — especially at $160 and $170.
The article is for reference only and does not constitute investment advice.
