XRP, Dogecoin, MATIC Price Analysis: What are the Key Support and Resistance Zones?

In this article, we examine Dogecoin analysis, Ripple v Matic’s Important Support and Resistance. Recently, there have been significant price fluctuations in many altcoins due to the very volatility of Bitcoin. How are Altcoins reacting to the market being so volatile? Let’s take a closer look in our article..

The last 12 hours have been terrible for many traders as the market is highly volatile. In terms of total market cap, cryptocurrencies such as XRP, Dogecoin and MATIC, which fell 7.8% at the time of writing, lost 9.91%, 8.63% and 7.5% respectively. The statements of Hester Peirce, one of the SEC executives, about Ripple took place in the news channels. And about the Ripple manager; “XRP is not necessarily a security,” he explained.

XRP Price Analysis

Ripple was trading at $0.623 at the time of writing, and investors were hit hard as it fell below the 2-month support level of $0.697. The Relative Strength Index (RSI) has been continuing its decline towards the oversold region since the early morning. Selling pressure prevailed in Ripple for a while.

Since the area we indicated with the white area is above the candlestick indicator, we have been informed that a downtrend has started according to the Parabolic SAR. According to other indicators, since Ripple is in a neutral state, it can be expected not to rush to open a trade and to end the bearish movement.

While the indicators are still negative, a candle close is expected in the $0.64 support zone by traders.

Dogecoin (DOGE) Price Analysis

Dogecoin broke the $0.285 support 24 hours ago, starting a downtrend. During the current sharp drop in the market, Dogecoin has dropped 36%, making it among the most affected altcoins. Despite this drop, Dogecoin seemed to be looking to break the $0.24 resistance area and turn that area into support. According to data from Chaikin Money Flow, it was observed that there was a large amount of money outflow from Dogecoin.

The indicators were explaining to investors that the bearish movement for Dogecoin was not over yet.

Dogecoin needs to stay above the $0.24 level to start the bullish move again.

MATIC Price Analysis

When a sharp drop was observed in the market, it was Matic who had the strongest resistance. It was subject to hard sells with Bitcoin during the decline. Matic is trading at $1.15 at the time of writing. According to the indicators, MATIC is still negative. The MACD continues its red candles while the RSI seems to have moved up to the middle band in response to the decline.

While the MACD shows us that the bearish action is not over yet. It is observed that Matic, which is at the $1.15 level at the time of writing, follows the Bolinger Bands as a support zone.

If there is no sudden volatility, Matic may continue to consolidate itself within the active resistance and support level.

Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.

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