Connect with us

Analysis

Chainlink, Dogecoin, XRP price analysis: July 05

Akash Girimath

Published

on

Source: Unsplash

The meme coin is the only coin with a bullish outlook in the near term while Chainlink and XRP are both hinting at a downtrend. Even if Dogecoin doesn’t see price appreciation, it will witness a sideways movement; Link and XRP have a clear negative bias.

Chainlink

LINKUSDT TradingView

Chainlink ranks 13 with a market cap of $1.66 billion and is priced at a whopping $4.77. The coin hasn’t seen a lot of movement in the last 24 hours; however, over the course of 2 weeks, the coin has surged from ~$3.5 to $5, where it is trading at press time. The coin has formed a rising wedge pattern, indicating a downward breakout with targets at $4.49, $4.15, and $3.86.

Dogecoin

DOGEUSD TradingView

Dogecoin aka the crypto born out of a meme, at press time, had a total market cap of $289 million making it the 35th largest cryptocurrency in the world. Priced at $0.002314, the coin has seen a 0.08% surge in the last 24 hours.

The price is still moving sideways but above the support zone of $0.00226. Additionally, the coin has the potential to surge as much as 8% in a few weeks. Sooner if BTC surges considering the correlation BTC has with altcoins. The first target for the coin is $0.0023939, which is a 3.85% surge from the current price; breaching this, the next target would be $0.0026015, an 8% surge from the current price. Additionally, RSI has started a downtrend after failing to consistently surge above the 50-level.

XRP

XRPUSD TradingView

XRP is now the fourth-largest cryptocurrency in the world, as the stablecoin Tether has taken its previous place. XRP seems to be in a downtrend since May 09 with its price systematically breaching every support it encounters.

At press time, the coin seems to have failed to take over the $0.1791 resistance and is heading down towards $0.17035. The red arrow signifies where the coin might go if the downtrend continues. Stochastic RSI has also hit the overbought zone and is heading down towards the neutral zone.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *