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Analysis

XRP outshined by Algorand, Dogecoin as price recovery gathers steam

Rakshitha Narasimhan

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Source: Unsplash

Be it the market’s leading altcoins or the ‘not-so-famous’ ones, the market crash last month hit all of them equally. While some altcoins struggled to recover from the shock, other altcoins have been recording good signs of recovery. Take XRP, Algorand, and Dogecoin, for instance. While XRP started showing signs of recovery only after 23 March, Algorand and Dogecoin recorded an upward trend in just 3-4 days post the aforementioned fall.

XRP

Source: XRP/USD, TradingView

XRP, one of the market’s leading altcoins, recorded a 38% drop on 12 March, with the alt on a downward run since the beginning of March. However, the coin has been recording upward movement lately, with its support at $0.16, at the time of writing.

The formation of an ascending triangle was seen on the attached chart, a sign of an upward breakout. The RSI indicator lay at 50.58, another sign of a potential upward movement.

Resistance: $0.18, $0.21, $0.24
Support: $0.16, $0.15, $0.12

Press time price: $0.17
Market Cap: $7,904,044,191
24-hour Trading Volume: $2,081,822,422

Algorand

Source: Algo/USD, TradingView

Algorand, one of the top 50 coins, has been quite stable following the 62% drop on 12 March. In fact, Algorand was perhaps one of the fastest recovering altcoins in the market. The coin continued to maintain its support at $0.14 and at press time, the price fluctuations were forming a potential descending triangle, hinting at a downward price breakout. The MACD indicator‘s bearish crossover further confirmed it. Additionally, the Bollinger Bands were also starting to widen, indicating high volatility in the coming days.

Resistance: $0.17, $0.19, $0.30
Support: $0.14, $0.12, $0.11

Press time price: $0.16
Market Cap: $108,467,448
24-hour Trading Volume: $66,514,016

Dogecoin

Source: Doge/USD, TradingView

The 33rd ranked coin on CoinMarketCap has been trending downwards since 9 February. The coin recorded a further 32% drop on 12 March. However, since 15 March, the coin was trending upwards, finding support at $0.0015.

The Awesome Oscillator indicator further highlighted an upward breakout, while the Stochastic RSI indicator lay over 80, signaling an ‘overbought’ situation.

Resistance:  $0.002, $0.003
Support: $0.0018, $0.0016, $0.0015

Press time price: $0.0018
Market Cap: $230,500,224
24-hour Trading Volume: $161,635,410

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

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