XRP Reversal May End Here, Bitcoin (BTC) Focuses on $200,000, Dogecoin (DOGE) Soars $30 Billion in 7 Days

On November 15, 2024By Littum

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With Bitcoin’s relentless climb towards $100,000, XRP recently reached the psychologically significant $0.60 mark, which should ideally serve as a launching pad for further gains. However, investors are getting worried as XRP is showing indications of a possible reversal rather than rising in lockstep.

XRP’s hesitation is unusual in light of current market conditions, which are seeing increases in even less speculative assets. Although XRP had a lot of momentum in early November, the price chart indicates that the token appears to have run into resistance near $0.60.

If no more buying pressure builds for XRP, this level could indicate a potential turning point. The recent rally may be coming to an end as technical indicators such as the Relative Strength Index (RSI) indicate that XRP is approaching overbought levels. Bitcoin’s current market dominance and its effect on other cryptocurrencies may make XRP’s performance appear to be lagging. Leading altcoins like XRP usually follow suit during a bull market where Bitcoin gains significant traction.

But the weak response to XRP may indicate that either the market is still cautious or that large owners (whales) are profiting. The fact that the 50 and 200 day moving averages are below the current price indicates that there is significant underlying support for XRP in the $0.54 to $0.55 range. This area can serve as a backup level in case the current rally falters. XRP may be able to stave off a more severe correction and have an opportunity to rise with Bitcoin’s ongoing rise if it can stay above this range and establish support.

Bitcoin aims higher

Bitcoin is aiming for the lofty $200,000 mark and is currently on an incredible upward trajectory. Many investors are watching for Bitcoin to cross this next major barrier as the price continues to climb to new highs. As can be seen from the current chart, Bitcoin is currently moving in a strong upward channel after surging past significant resistance levels. With high volume supporting this move and rising exponential moving averages (EMAs), Bitcoin’s momentum seems strong.

A strong foundation for future gains has been laid by the breakout from the prior consolidation phase and the rise above $80,000. With its 2023 update, the Bitcoin Rainbow Chart suggests that it still makes sense to hold BTC and that there may be more room for this rally to continue. Historically used as a sentiment indicator, the red band on this chart indicates a likely top and possible overvaluation.

As Bitcoin is still below this red zone, there is confidence that the current price level can hold for some time, with upside potential still present. According to another reliable Bitcoin indicator, the two-year MA multiplier, a pre-price around $200,000, may be possible.

The latter part of the bull market can be indicated by Bitcoin moving towards the red line in this model, which generally corresponds to market tops in previous cycles. While predicting exact percentages is speculative, the current trend and robust technical indicators give Bitcoin a decent chance to reach $200,000, possibly between 40 and 50%, assuming institutional interest, macroeconomic factors and favorable market conditions continue. However, investors should exercise caution as volatility can quickly change the course of events.

Dogecoin ensures explosive growth

Dogecoin has experienced a tremendous recovery, achieving a massive increase of $30 billion in market capitalization in just one week. With Dogecoin leading the way, this explosive growth highlights the meme coin’s continued influence on the cryptocurrency market. The number of wallets with less than 100,000 DOGE has increased significantly in recent weeks on Dogecoin.

In particular, 74,885 new wallets have been added, indicating strong retail interest. The growing retail confidence in DOGE, which is a crucial component in maintaining its upward momentum, is indicated by this approach by smaller owners. However, the so-called sharks and whales, who are bigger investors, have reduced their holdings in the past month, and there has been a net decrease of 350 wallets.

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Despite this, 108 cubs returned to the market in recent days, which could have contributed to the rally that saw DOGE reach $0.40, a level it has not reached in more than three years. Dogecoin has clearly entered a strong bullish phase, according to an analysis of its price chart. The price has risen and has reached heights reminiscent of its previous highs in early 2021.