DOGE, SHIB and Ripple: Wait For These Levels Now!

cryptocoin.com In this article, we cover analyst Filip L.’s comments and predictions on DOGE, SHIB and XRP. The analyst is of the opinion that the price of Dogecoin could drop after the critical rejection. For SHIB in general, he says he sees red flags. As for XRP, he says the bulls will be after profit taking.

Comments and predictions for DOGE

Since Tuesday, Dogecoin is down 6% as the price action moves to the downside. A retest of DOGE at $0.12 will form the last line of defense before last week’s triple bottom at $0.10. Dogecoin (DOGE) price action has already dropped below Thursday’s low. Crypto markets are poised for more flooding as safe havens continue to offer heavy bidding this morning. Crossover losses are likely to increase as the strength of the dollar spreads to cryptocurrencies and adds bearish pressure to prices. According to the analyst, we could have a heavy weekend of around 20% before DOGE can be stopped by the bearish bulls, probably around $0.10 per month where S1 is the anchor.

The Doge is not in a sweet spot as price action turns negative for the week after a hard rejection at the monthly pivot near $0.14. Since then, price action has shifted further to the downside and the weekly gain risks turning into a loss as this afternoon’s US jobs report could contribute to further strengthening of the dollar. An additional negative factor is that talks between Russia and Ukraine do not conclude with a solid ceasefire by the end of the week, meaning high systemic risk and investors clearing risky assets from their portfolios before the weekend.

What will the doge bulls do?

One element that DOGE bulls should look for might be the support around $0.12, a level that supported price action last week and Monday. On its own, however, the level is not holding much historical support, so the downside room could expand further to the $0.10 area and monthly S1 support just below $0.10 while also currently $0.09 historical level. An additional argument for a purely downtrend is the Relative Strength Index (RSI), which is still far from oversold and therefore DOGE has more room to move down.

Alternatively, a reversal could see a test at the ceiling near $0.14 first and then a test of the 55-day Simple Moving Average around $0.1460 if the momentum provides sufficient cash inflows. In the event of a major catalyst event, wait for more upsides towards $0.16 and the start of a longer-term uptrend towards $0.19.

Table red for SHIB

Shiba Inu price is back in a downtrend holding potential for a 17% correction. Markets generally enter hibernation mode to deal with rising tensions in Ukraine. Wait for the downtrend to continue until the bottom is reached around $0.00002100. Shiba Inu (SHIB) price action is under bears’ scrutiny for the third day in a row. With three bearish signals on the technical front and peace talks between Russia and Ukraine failing again, the background looks poised for further setbacks. As of today’s opening price, SHIB price action is set to correct another 17% before the current intermediate bottom for a test of $0.00002100 is reached.

SHIB price action is moving along with global markets and sees safe-haven offers outweigh the upside potential. Shiba Inu price action has been flanked by bears after a series of bearish pulses outpaced the price action. On Wednesday, the first downside signal came from a false breakout and bull trap at $0.00002707 and the monthly pivot level. The bulls rallied, but were swept away by the bears and pushed the price action below the 55-day Simple Moving Average (SMA) at $0.00002600.

Ukraine factor is important

The first and only real solid support on the downside is around $0.00002100 and the green ascending trendline has five solid tests proving to be a line in the sand where the bulls will come in full force to protect the price action from falling further. $0.00002000 should add to the strength of the level, but an eventful weekend could see more pressure towards the monthly S1 support level of $0.00001883. As stated in the introductory statement, this is all due to the situation in Ukraine and global markets entering even more safe haven mode.

On the other hand, ripple appears to be in the dumping zone for Ripple bulls before the downtrend accelerates the losses. Ripple price action broke the broker below the ascending trendline. The 55-day SMA provides a temporary bottom and triggers a bounce. With this window of opportunity, it’s time for the bulls to take their profits and run before the XRP price is set to drop 18%. Ripple (XRP) price action is breaking below the intermediary ascending trendline that forms the backbone of the current uptrend after the Russian invasion of Ukraine. Although the trendline provided support for a bounce yesterday, leading to the rejection of the bears, the current losses in European stock markets have created leverage in the safe havens, giving the bears an edge in risky assets like cryptocurrencies.

Analyst: Bears are in

Ripple price action is in risky territory for the bulls as the bears take over again as we enter the weekend. The price is trading down for the third day in a row today as the bulls are not fit to break above $0.78 and the upside is unsuitable to capture $0.80. As the bearish pressure builds, a short-term supportive trendline has broken down, thus halting the recovery rally since Russia’s entry into Ukraine.

For now, XRP bulls are seeing the 55-day SMA hold and a bounce in a test, but pressure is building on the day with lower lows as the safe havens are heavily quoted and the strength of the dollar gives momentum for the bears to push further. The analyst says wait for a break of $0.73 to the downside to trigger a drop to $0.70. There’s hardly a way to avoid the drop to $0.62 below, which is the February 24 low and capturing the falling wedge action.

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