In the cryptocurrency world, Dogecoin has set a new troubled record, while Bitcoin and XRP are on the verge of potential significant changes.
Dogecoin's Dismal Record
Dogecoin (DOGE) recently established a record for the longest loss streak in its recent history, with seven consecutive downtrodden days. Many investors are voicing concerns about the unstable short-term technical outlook as the asset continues to decline. DOGE has fallen below key levels of the 50, 100, and 200 EMAs, confirming a bearish trend. The current price is hovering around $0.16, which has historically been a significant support level.
Forecasts for Bitcoin
Bitcoin is currently caught in a tight range, suggesting a possible breakout may be imminent. The current price chart shows selling pressure, while the 50 EMA serves as strong support. If it can break above the 26 EMA and the descending resistance trendline, it may return to the $110,000 level. However, a drop below the 50 EMA could result in a more severe correction to the $98,000-$95,000 range.
XRP Approaching Breakout
XRP is nearing a critical point, coiling into a symmetrical triangle that may lead to significant price volatility. The asset is currently trading around $2.13, with support from the 200 EMA. If XRP can overcome the upper boundary of the triangle, a rebound toward $2.50 may occur. On the other hand, failing to maintain support around $2.09-$2.10 could lead to a deeper pullback.
The cryptocurrency market is currently experiencing tense moments. Dogecoin faces serious challenges, while Bitcoin and XRP await their breakout opportunities.
