While the broader market imagined signs of a slow recovery, some coins went against this trend. XRP, Zilliqa, and Dogecoin looked set for a price correction going forward as of press time.
On the contrary, Polkadot seems to follow the general market trend and is steadily moving north.
XRP had been on a broad rally since the start of March, but this ascending channel was broken with conviction to the downside on March 31. This most likely shattered dreams of a run to $1 for the altcoin. The next level of support would possibly reach a region near $0.7, a level where XRP had consolidated towards the second half of February.
With the Relative Strength Index (RSI) slightly below 50, the bullish momentum looked weak but not bad either. Any positive news can help push XRP up through resistance and break the downtrend that is starting to form. Even the MACD gives similar signals, with the MACD line crossing the signal line but trading in the region below zero.
One of the best performing alts this season, Zilliqa rallied just under 400% in around eight days. But since April 1, he began to correct, as usual. After such a high rally, some form of correction is inevitable to account for profit booking. However, a descending triangle has formed on the chart, suggesting that a fresh downtrend may be on its way to the next support level of $0.1.
the Relative Strength Index (RSI) also declined steadily, with the decline in prices corresponding to the decline Balanced Volume (OBV). This confirms the views mentioned above.
Technically speaking, Dogecoin on the 4-hour chart has managed to break out of a long downtrend that started in November 2021. However, zooming in, despite the breakout towards the end of March, things don’t look too good no more . Prices are currently trading just below the 20 and 50 period SMAs. These are good short to medium term support/resistance levels.
the IRS is barely able to hold on to the 50 mark and awesome oscillator started showing red bars in negative territory – giving even more weight to the overall downtrend.
Polkadot has been recovering quite well in terms of price since early March. So far, it has recovered almost 50% over this period and is currently trading just below a resistance level (marked in dark green). Its upward move has been slow and steady, unlike Zilliqa’s, so a price correction probably wouldn’t be as severe either. Once it is able to break through the resistance (marked in dark green) ~$23, it can be expected to rally to the next logical resistance zone around $29-30.
Even the supertrend the indicator had positive views going forward, with the latest candles marked green at press time. the RSI was also close to 60, so there is plenty of room for an upside move before it hits overbought territory.