Cryptocurrency Market Update: Altcoins on fire led by Ripple, Cardano, and Dogecoin – FXStreet

The cryptoasset market is displaying a strongly bullish picture with the green color painted everywhere. Interestingly, some altcoins are performing significantly well compared to major coins such as Bitcoin and Ethereum. Ripple is at the helm of the recovery witnessed across the market as it rockets confidently towards $0.20. Cardano is showing its prowess with gains nearing $0.14.

Some of the best-performing digital assets among the top 100 include Chainlink (14.64%), Stellar (10.84%), VeChain (18.49%), Cosmos (12.90), Dogecoin (53.33%), Ox (18.91%), Ren (12.27%), and Siacoin (15.81%).

As mentioned, Ripple is fighting for $0.20 after recovering from $0.1850 (traded earlier in the day). The price is teetering at $0.1986 after testing the hurdle at $0.20 but failed to sustain gains above it. The RSI is still in the overbought region which means that buyers are still in control. However, oversold conditions can also signal a possible reversal.

Therefore, being on the lookout especially for the RSI can help tell the direction XRP would take. For now, the bulls attention is to clear the resistance at $0.20. Support is expected at $0.1950 and $0.1850.

Coinbase Custody announced support for Cardona amid the transition to the Shelly mainnet network upgrade. Cardano shot up above $0.1 and closed in on $0.14. A minor retreat has sent the price to $0.1330 (market value). However, bullish interest still stands tall and targets highs above $0.14 and $0.15 respectively.

Technical indicators support the upward price action especially the RSI and the MACD. The latter features a bullish divergence within the positive region while the RSI is buried deep in the overbought territory. The moving average golden cross means that gains are likely to continue in the short term. In the case of a reversal, support areas are in plenty including $0.10, the accelerated trendline (broken line), $0.08 (50-day SMA) and the main trendline.

Dogecoin is leading the altcoins in their season with gains hitting 55% in 24 hours. Throughout May and June, the price of DOGE consolidated around $0.0025. There was a minor dip in the last week of June with July picking up around 0.002325. Support was embraced at the 200-day SMA while a breakout past the 50 SMA opened the way for the ongoing recovery mission.

Doge exploded in a couple of engulfing candlesticks with an upward leg extending above $0.0055. Unfortunately, it became too difficult to sustain the gains above $0.0050, giving way for a reversal to $0.40 (market value). For now, buyers are still in control based on the trend displayed by the RSI and the MACD.

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Cryptocurrency Market Update: Altcoins on fire led by Ripple, Cardano, and Dogecoin - FXStreet