The price of Bitcoin recently dropped below $26,000 and then quickly jumped to $26,500. However, it cannot maintain this level. With the Binance exchange taking a step back on Canada, the price will be even more active at the end of the week. So what is the latest situation in altcoins? What are the price expectations?
Ripple (XPR) Comment
Bulls continue to struggle to hold XRP above $0.43. The sudden drop in BTC price led to the loss of this zone. The falling 20-day EMA ($0.45) and the RSI in the oversold zone suggest that the bears are in control. Since Bitcoin’s daily RSI data is at the oversold bottom, we can say that BTC-induced altcoin sales may slow down.
XRP Coin price will depend on BTC movements for the next 2 days. If the bulls fail to hold $0.43, the price may drop to $0.4. If they do, $0.36 will be the bottom support level.
Cardano (ADA) Coin Comment
The long tail on Cardano’s May 11 candlestick suggests that bulls are trying to buy dips towards the uptrend line. The falling 20-day EMA ($0.38) and RSI are similar to other altcoins, indicating that sellers are in control. Possible sell-offs in the 20 EMA area need to be repelled for further upside.
In a bearish scenario, the sell-off towards $0.33 and $0.3 could deepen. On the contrary, if the bulls push the price above the moving averages, Cardano price could rise to the neckline of the inverted H&S pattern.
Dogecoin Comment
The bulls have managed to hold the $0.07 level for the past few days, but have failed to trigger a relief rally in Dogecoin, suggesting that short-term traders are still skittish. Elon Musk has occasionally made posts expressing his support for DOGE. Linda Yaccarino, now appointed as the new CEO, will be a closely followed name in this regard. Although Twitter’s integration with Dogecoin has been shelved for now, long-term investors remain hopeful.
Back to the price, the bears will try to strengthen their position by pushing Dogecoin below $0.07. If they succeed, the DOGE/USDT pair could fall as low as $0.06. This level is an important point as a support. If the DOGE price turns down from the downtrend line and falls below $0.06, the sell-off could gain momentum. The pair may then move down to the $0.05 bottom support.
