What Next For XRP, Cardano, and Dogecoin As Market Rebounds?

After historic selloffs, the crypto market is in rebound mode, setting a new pace for Cardano, Dogecoin and XRP

Leading cryptocurrencies, including XRP, Cardano (ADA), and Dogecoin (DOGE), are seeing an uptrend following a historic sell-off. While their performance mirrors a broader market sell-off, traders and investors watch for the future price trajectory.

Analyzing the Price Movement of XRP, ADA, and DOGE

XRP rose to a high of $2.89 in the current cycle, benefiting from Bitcoin’s bullish movement. However, the price soon declined and has fallen 11.5% within the past seven days to trade at $2.43. 

Also, Dogecoin, currently trading at $0.4144, experienced a 6.07% decline on the weekly chart. The declining trading volume further exacerbates the selling pressure. In the last 24 hours, Dogecoin trading volume decreased by 31.46% to $6.4 billion.

In a similar movement, Cardano’s native digital asset, ADA, slipped 3.87% in the last seven days to $1.16. The daily trading volume also decreased by 13% to $2.4 billion. 

The weekly price decline in XRP, ADA, and DOGE is consistent with the larger crypto market correction. Declines in several digital assets are largely attributed to overleveraged positions and profit-taking. Investors and traders are taking advantage of the recent crypto surge to accumulate gains.

What Next?

It is important to note that despite the weekly decline, these three cryptocurrencies surged on the daily chart. XRP, ADA, and DOGE are up 5.7%, 16.5%, and 7.02%, respectively, in the past day. This trend indicates that these assets are finding their balance as they recover from the consolidation phase.

Analysts anticipate XRP, ADA, and DOGE will continue to surge as soon as the market gains momentum. Regarding DOGE, the memecoin’s successful recovery above $0.40 has reignited bullish optimism. The next support now lies at $0.45, a breach above the level could see DOGE move towards $0.50.

For XRP, the Mean Dollar Invested Age (MDIA) indicator confirms a bullish outlook. XRP’s MDIA has decreased by 22% in just 14 weeks to 865 days. Declining MDIA has historically coincided with sustained longer market uptrends.

Meanwhile, ADA’s ability to maintain its momentum over $1 may draw further buying interest. This could pave the way for a climb to higher resistance levels around $1.20.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.