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XRP plays leader as DigiByte and Maker form wedges in allegiance



XRP plays leader as DigiByte and Maker form wedges in allegiance
Source: Pixabay

At this time in the cryptocurrency market, it’s all about making good on lost ground, and altcoins are certainly following that motto. Leading the way is the second-largest altcoin on the market, XRP, followed along by DigiByte and Maker.


Source: XRPUSD via Trading View

In the past week, XRP has mounted six green candles, a testament to its rising price which now stands at $0.18, a move up of 33 percent, since the coin fell to $0.135 post the plummet of Black Thursday, March 12.

The recovery has been locked in a rising wedge, as the price continues to mark higher highs and higher lows. In this wedge, the coin has broken two long-standing support levels at $0.168 and $0.176, respectively; but its first real test lies at $0.182, prior to which it has formed its first red candle at press time.

Bollinger Bands for the altcoin have, after converging on April 2, opened up, a sign of increasing volatility. Further, the average is moving up but is still below the coin’s price.


Source: DGBUSD via Trading View

DigiByte the 61st ranked cryptocurrency on the coin market is following in XRP’s lead, forming a rising wedge of steeper proportions. Since bouncing off the support at $0.00309, the price for the altcoin has increased by a whopping 70 percent and is now trading at $0.0055.

In trading within this rising wedge, the altcoin has consistently formed green candles since 22 March, allowing it to break the support turned resistance level at $0.00520. Given the pace of the recovery, even the long-term support at $0.0083 is achievable for DGB.

MACD indicator for the altcoin looks bullish as the MACD line has moved ahead and over the Signal line and is now above 0.


Source: MKRUSD via Trading View

Maker, the ERC-20 token, backed by Ethereum has a muted wedge, almost like an upward channel, hence preventing rapid price increase. However, the chances of a correction downwards for Maker is less so than the other altcoins.

Since bottoming out at $200, MKR has managed to increase by over 56 percent and is now steadily heading for the resistance level which lies at $412.

RSI for the altcoin has been consistently rising, like its price, since March 13, and is now at 46.78 from a low of 20, three weeks ago.

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Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.