Once more, Bitcoin is at a turning point that may determine its course over the coming months. It is clear from the chart that Bitcoin is putting pressure on the downward trendline that has held back price increases since its last significant rally. At $108,200, it is remarkably close to the psychological barrier at $110,000, which would open the door to a possible new all-time high (ATH).
The uptick in momentum indicators is encouraging. The fact that the Relative Strength Index (RSI) has risen above 58 indicates that buyers have regained control. Volume is holding steady, which is necessary for a sustained breakout, even though it is not explosive. Bitcoin may open the next leg higher if it can confidently close above this descending trendline. This is the bull case.
The market would then be in uncharted territory where bullish sentiment tends to feed on itself with minimal overhead resistance before the previous highs in the $112,000–$114,000 range. However, let’s face it: There is a significant chance of rejection here as well. Several failed rallies have already been triggered by this trendline, each of which resulted in significant corrections.
A rejection at this level might push Bitcoin back to test the next strong support cluster, which is between $100,000 and $105,000, if history is any indication. Furthermore, if selling quickens, the deeper target stays close to $90,000, which is in line with the 200-day moving average, which is a natural lure for panic and profit-taking exits.
There is a lot on the line. Bitcoin’s reputation as digital gold pursuing a new all-time high will storm back into the news if the trendline is broken. If the market fails here, it might be facing a protracted correction that will put investors’ faith to the test once more.
Dogecoin’s gas at null
With volume evaporating and volatility collapsing, Dogecoin’s price performance has entered a concerning state of inertia. Little is left for the chart to misinterpret: DOGE has been declining steadily with only fleeting unpersuasive rallies to break the monotony. The token is currently trading at about $0.164, well below the important resistance levels that are stacked between $0.195 and $0.206.
It is also still within the 50, 100 and 200-day moving averages. The more damning story comes from volume. Activity has dropped to its lowest point in months. Every attempt to increase momentum has been met with indifference rather than conviction. This type of drying liquidity frequently signals the start of one of two things: either a sudden move that takes traders by surprise or a protracted decline into irrelevance as buyers don’t show up.
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As it sits in neutral territory with no obvious catalyst to break higher, the RSI at about 41 reflects the discomfort. Technically, DOGE is hesitating to retest the $0.150 support band if it doesn’t immediately reverse its descending trend. Should that level fail, the next significant floor won’t come until it’s closer to $0.130, a zone that would most likely deal the remaining holders a psychological blow.
The future of Dogecoin is largely dependent on a spike in participation. Even favorable catalysts, such as a general market upswing or the support of prominent figures, will find it difficult to sustainably raise prices in the absence of volume. As of right now, DOGE is still trapped below all significant trendlines and trading levels.
XRP holding up
Despite a market that has been mostly moving sideways for weeks, XRP has been able to hold the crucial $2 level once more, which suggests underlying resilience. The daily chart illustrates how buyers have swiftly stepped in to accumulate, absorbing every attempt to push the price below this psychological floor.
XRP is currently trading slightly below a dense cluster of moving averages, which have turned into the short-term battlefield for both bulls and bears. It is currently trading at about $2.19. The main obstacles to any significant upward momentum are still the 50 and 100 EMAs, which are presently located close to $2.22 and $2.25, respectively. Indicating the possibility of a prolonged recovery phase, the first technical signal would be a clear daily close above these means.
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On the other hand, frequent rejections here run the risk of solidifying this price range as resistance and attracting new selling pressure. Recent green candles have shown slight increases in volume, indicating at least some real demand as opposed to merely mechanical short covering. The RSI has also begun to move higher, hovering around 51, a neutral but improving reading that shows the bearish momentum is waning but hasn’t yet turned firmly bullish.
The $2.30-$2.35 region, which has been a recurring price action cap since early May, will be the next area to watch if XRP can maintain above $2 and break the ceiling established by the 50 and 100 EMA. This area serves as a cutoff point for momentum traders and sidelined capital to eventually get back into the market.
All things considered, the fact that XRP avoided losing $2 despite numerous tests indicates that the market isn’t prepared to give up. Although there is no assurance that the asset will break out right away, holding this floor leaves the door open for the longer-term uptrend to possibly continue. One of XRP’s best technical indicators, until demonstrated otherwise, is its capacity to hold important support levels.
