- Ripple price potential drop to $0.445 could leave most investors in deep losses.
- Dogecoin closes the day under $0.2, accentuating the bearish leg toward May’s support at $0.16.
The cryptocurrency market is dealing with an aggressive bearish wave mid through this week’s trading. Bitcoin leads the correction, closing the gap to $30,000, while Ethereum has explored the areas toward $1,800. Most crypto assets are posting considerable single-digit losses as bulls across the board hunt for formidable support areas.
Ripple price is back to trading in the red after facing another rejection at $0.65. CoinGecko shows that XRP has corrected by 5% in the last 24 hours to exchange hands slightly under $0.6. A sharp increase in trading volume reflects the ongoing selloff. Hence, if support at $0.6 is not reclaimed, Ripple may explore extreme levels downhill.
The four-hour chart illustrates a descending triangle pattern taking shape. This highly bearish pattern hints at the downtrend continuing in the short-term, mainly if support at $0.6 is not reclaimed as soon as possible.
Note that a 25% drop would send Ripple to $0.445 before another recovery attempt occurs. The downward pull on the crypto market keeps intensifying. Hence the breakdown is not a farfetched idea.
XRP/USD four-hour chart
Dogecoin price continues to lose ground below a long-term descending trend line. Holding above $0.2 gave investors a ray of hope, a light at the end of the tunnel that market stability will likely lead to recovery.
However, with this support in the rearview, a new perspective is coming to life. For example, the Moving Average Convergence Divergence (MACD) has a vivid bearish signal, currently adding credibility to the bearish outlook. Note that losses will increase if the following support at $0.185 shatters. The meme coin may dump some more to test May’s support at $0.16 before a significant recovery occurs.
DOGE/USD four-hour chart
It is worth mentioning that gaining ground above $0.2 will enhance the bulls’ grip on Dogecoin. Farther up, breaking above the descending trend line could significantly boost the bulls, allowing DOGE to break the extended bearish trend and close the gap to $0.3.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.