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Hidden Dogecoin (DOGE) Growth Signal, XRP Loses Its Floor, Solana (SOL) Is Safer Than You Think

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Tue, 30/04/2024 - 0:30
Hidden Dogecoin (DOGE) Growth Signal, XRP Loses Its Floor, Solana (SOL) Is Safer Than You Think
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Dogecoin may be flashing a growth signal that could be easy to miss. Despite a general downtrend in the market, Dogecoin's trading volume is showing a descending pattern, which may imply a potential reversal of its price trajectory.

Historically, when trading volume decreases during a price decline, it can indicate that the selling pressure is tapering off. For Dogecoin, this could mean that the market is running out of sellers, setting the stage for a possible price rebound. Adding to this potential turnaround is Dogecoin’s interaction with the 100-day EMA. 

Dogecoin has demonstrated resilience at this level in the past, bouncing back multiple times, which suggests that the $0.14 price point could be a springboard for future gains.

DOGEUSDT
Dogecoin/USDT Chart by TradingView

The presence of descending volume in a bearish rally is often perceived positively by traders. It suggests that the downward momentum is losing steam and that a trend reversal could be on the horizon. If Dogecoin manages to capitalize on this hidden signal, we might see it initiating a recovery phase.

From a technical perspective, Dogecoin is currently sitting just below a key resistance level. If the coin can gain the strength to break above this point, it might target the next resistance at around $0.17016. A push past this threshold, will likely shift the focus to the higher resistance near $0.18016, which could reinforce a bullish trend.

XRP loses foundation

XRP has breached a crucial support level, tipping below the $0.52 mark. This level represented a potential stepping stone for an upward trajectory.  

XRP's fall below $0.52 was notable given its previous role as a reliable reversal point for bulls. This descent could have set the stage for a comeback, yet the volume of trades has been going down with the price, suggesting a dropping momentum among sellers. This could signal an exhaustion of selling pressure, setting the scene for a possible rebound.

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The current price of $0.5 is a round number that often plays a psychological anchor for traders. This price point has been serving as a strong resistance level for XRP this year and the possibility of a reversal there is more than real.

Beyond the present $0.5 support, further decline could potentially be arrested at the $0.54 region, where prior support-turned-resistance lies. If the bulls regain their power an ascent towards the $0.57 area might materialize, which is the next noteworthy resistance level to watch.  

Solana is in trouble

Recent price action for Solana raises some questions as it dipped below the $139 level, raising concerns among investors. However, the picture may not be as gloomy as it seems. The fall beneath this price point does not inherently spell out a prolonged bearish phase; in fact, it may be setting up for a resurgence.

The decline brought SOL to a risky point, but market indicators suggest a recovery is within reach. Historically, the $130 level has been a rallying point for Solana, characterized by a concentration of buying interest. It is at this juncture that the asset previously mustered enough strength to bounce back. 

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The declining trading volume accompanying the recent drop-off further supports the possibility of a turnaround. With fewer assets changing hands, the downward pressure begins to ease, creating terms for price stabilization and potential growth.

Peering into the chart, there's a tangible optimism for SOL's future. If the $130 support holds strong, the stage is set for a climb. The first resistance level to watch would be around $151.72, where SOL faced rejection during its last attempt to rise. Should the bulls punch through this ceiling, the next target lies at $167.75, a mark that has acted as both support and resistance in the past.

Investors are now closely watching to see if Solana can reclaim its lost ground. With the current sentiment and technical indicators, the digital asset appears to be in a position to defy the immediate downtrend and march towards recovery.  

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