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Market Overview
Thursday the market is swimming in the sea of green waters. As discussed yesterday on Crypto Recorder, the bullish momentum that kicked off market renewal Tuesday this week and mainly lit by Ripple (XRP) was discontinued Tuesday morning (GMT). Bitcoin (BTC) recovered over $ 6,400 while Ethereum (ETH) surpassed $ 210 after defending support at $ 200. The ripple still shines brightly with a 12.72% jump over the day. Most of the top 20 cryptocurrencies are green, and the same trend is reflected in the market.
Dogecoin (DOGE)
Dogecoin was among the best interpreters of cryptocurrency in the sector in September. It increased against all odds by recording higher highs and higher lows due to falling prices on the market. The crypto made a good recovery from the levels at $ 0.0025 and approached trading at $ 0.0070. However, buyers seem to have given the persistent bite of the seller which led to a slight decrease in monthly highs.
Support for the Fib retracement level 61.8% of the last high swing of $ 0.00665 and a low swing of $ 0.00528 could hold the decline yesterday while Dogecoin extended the decline. Fortunately, buyers found a balance slightly higher than $ 0.0052. Purchases are up at this level and DOGE / USD have made a slight return supported by the Fib 23.6% retracement level.
At present, the 50-hour moving average prevents upward movement at $ 0.0057 while the critical resistance is $ 0.0060. In addition, the general trend is in favor of bulls, the MACD being marginally below the average line (0.0). At the same time, the Stochastic varies at 34.5%. Although the indicators send mixed signals, it is likely that Dogecoin will move up to the side. However, support at the Fib 23.6% level must maintain the decline towards the next support target, at least until the session closes.
Cardano (ADA)
Cardano, on the other hand, is dancing in the green at the time of writing. The crypt is making gains towards immediate resistance at $ 0.076. Likewise, bulls have fixed eyes on $ 0.1 in the short term. At the start of this week, Cardano corrected the lower value by breaking the key support at $ 0.066, but the bulls put the lead ahead then the pit stop at $ 0.062.
Buyers have price control since the bullish trend began on Wednesday. A nice lure occurred above the main support that resistance at $ 0.074. However, buyers have lost balance with consequent reaction from the bear. ADA / USD is supported at $ 0.0660, but a bullish move is going towards $ 0.076. Another short-term support is observed at a higher level ($ 0.0720). The price is traded above 50SMA while technical indicators send bullish signals.
Ripple (XRP)
Ripple continues to send fireworks high in the cryptocurrency market. A couple of days ago, the digital asset grew by over 20 percent. The price fell above $ 0.30 and reached even higher with support at $ 0.31. As a result, Thursday was corrected much higher, adding a whopping 12% to its value on a daily basis.
Ripple exceeded $ 0.37, but became bearish. At the moment he is making subtle corrections while seeking assistance at $ 0.36. It is important to defend the support at $ 0.36 to avoid dips of $ 0.31. But first, the trend line and the 50SMA will try to prevent the decline if the trend reversal extends its reach,
MACD: +0.011
Stochastic: 85% (and that goes)
Greater support: 0.27
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