After a brief period that saw the market’s alts tank on the back of Bitcoin’s price action, the likes of XRP, THETA, UNI, and Dogecoin were all hiking on the price charts once again at press time.
XRP’s price fell to as low as $0.20 after the SEC charged Ripple Labs and its executives in December. Since then, however, the altcoin’s recovery has been incredible, with the crypto recently climbing to a 3-year high. Alas, the aforementioned bullish momentum was stopped in its tracks recently by BTC’s fall on the charts.
In fact, on the back of Bitcoin falling, XRP corrected by 44% in a matter of days. At press time, however, recovery was back on track, with the alt up by over 36% in 48 hours.
Owing to the fact that the said bullish price action is very recent, the same wasn’t projected very strongly by the crypto’s indicators. While Parabolic SAR’s dotted markers were placed above the price candles, Awesome Oscillator’s histogram registered only a small uptick in market momentum.
According to a recent analysis, the alt may retest the high of $1.96 yet again if it is able to consolidate around the $1.40-mark before undergoing another strong rally.
Dogecoin, the industry’s top “meme-coin” has been in the news a lot these days thanks to its tendency to register exponential hikes when it is least expected. The same was evident in the second week of April when the altcoin market rallied. DOGE did too, but the scale of the same, with weekly gains of 489%, took many by surprise.
Expectations of a $1 valuation were set aside when the market corrected, however. And yet, at the time of writing, DOGE was at the end of an uptrend that saw the value of the crypto hike by almost 25% in 5 days. Here, it’s worth noting that trade volumes have dramatically fallen of late too, a development that corresponds to the fall in its social interest.
Dogecoin’s indicators remained bullish at press time. While the mouth of Bollinger Bands was pointed north, Chaikin Money Flow was holding firm near the 0.20-mark.
The crypto was in the news recently after CoinShares’ Meltem Demirors called it a “bubble.”
Uniswap, the market’s top DeFi coin, was ranked 9th on CoinMarketCap’s charts, at press time. Contrary to the price actions of both XRP and Dogecoin, UNI’s movements on the charts weren’t as consistent or uniform. However, like the two alts, UNI too was seeing some value appreciation on the back of corrections worth 20%. In fact, such has been the crypto’s recovery that it hit its ATH on the charts less than 12 hours ago.
While the Parabolic SAR’s dotted markers had flipped to position themselves under the price candles, MACD crossed the Signal line to correspond to the market’s bullishness.
With V3 on the horizon, it would be interesting to see what effect the launch has on the token itself.
THETA’s exponential surge in the latter half of March, at a time when the rest of the market was consolidating, surprised many in the crypto-community, with the aforementioned surge pushing the altcoin to a position just outside the top-10 on CoinMarketCap. At the time of writing, however, THETA was ranked 17th, with its price fortunes affected by the market-wide depreciation in mid-April.
On the back of the same, THETA fell by almost 40%, following which, it recovered somewhat by another 30% on the charts.
While the Bollinger Bands left open the possibility of price volatility in the near term, the Relative Strength Index was mediating between the oversold and overbought zones.
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