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XRP, EOS, Decred Price Analysis: 02 June

Chayanika Deka

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Source: Pixabay

Bitcoin’s latest price surge drove the collective market cap to $284 billion as Bitcoin’s market dominance stood at 65.3%, at the time of writing. After a stagnant weekend, this upsurge swung many altcoins upwards, with many of them posting substantial gains on the charts.

XRP

Source: XRP/USD on TradingView

Over the last couple of months, XRP lacked the necessary momentum for a strong uptrend. However, the news of Ripple launching a cloud-based payment option for current and prospective clients is speculated to be a major price boost for XRP. At press time, XRP was priced at $0.213 after a surge of 4.49% over the last 24-hours. The third-largest cryptocurrency registered a market cap of $$9.41 billion and a 24-hour trading volume of $1.85 billion.

Resistance: $0.284

Support: $0.142

MACD: The MACD was above the signal line, depicting a bullish trend for the coin

Chaikin Money Flow: The CMF aligned with the bulls, indicating inflows of capital to the coin market

EOS

Source: EOS/USD in TradingView

The EOS ecosystem has been engulfed in debates about centralization in the hands of Chinese entities for a long time now, debates that have all severely hindered the coin’s price action. Following the latest price surge, EOS soared by 7.44%, catapulting its price to $2.89 as it held a market cap of $2.69 billion and a 24-hour trading volume of $2.76 billion, at the time of writing.

Resistance: $3.82

Support: $1.76

Parabolic SAR: The dotted markers were below the price candlesticks, signaling a bullish phase for the coin

Awesome Oscillator: The green closing bars of the AO pictured a positive price trend for EOS

Decred [DCR] 

Source: DCR/USD on TradingView

Decred was originally designed to provide an alternative to Bitcoin. Despite failing to see any noteworthy price rally, the coin has maintained a consistent uptrend over the last two months. At press time, DCR held a market cap of $198 million and a 24-hour trading volume of $135.7 million. The coin rose by a massive 14.61% over the last 24-hours.

Resistance: $21.88

Support: $9.63

Klinger Oscillator: The KO was hovering above the signal line, indicating a bullish phase for the coin

Relative Strength Index: The RSI was well-above the 50-median neutral line, pointing to rising sentiment and buying pressure among the investors in the coin market

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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