The crypto market, which turned red on Thursday, when Russia began invading Ukraine, started to return to its former position on Friday, after the weak US and EU sanctions announcements. Crypto analyst Filip L’s analysis of Dogecoin (DOGE), Shiba Inu (SHIB), and Ripple (XRP) in his own words cryptocoin.com compiled for our readers.
Dogecoin (DOGE) analysis
Dogecoin price action saw a remarkable recovery yesterday as buyers jumped into an entry opportunity at just over $0.10 per month S1 and a full retracement of recent losses. With this move triggered in the late US session, the bulls will want to wait and see how the market develops, making some profits in the process. Depending on other developments, the price could drop to $0.10 or even $0.095. In such a scenario, Dogecoin could lose up to 25% of its market capitalization just before entering a tense weekend.
Dogecoin bulls have made an effort, but it may be short-lived as the situation in Ukraine looks dire. Dogecoin price action has been on a decline if not for the Ukraine events that shocked the world yesterday. On Wednesday, the Dogecoin bull move was definitively rejected at $0.13. Thursday’s setback was exacerbated by the turn of events in Ukraine.
DOGE price action could lose some more room as the bulls won’t want to enter the weekend with a large amount of DOGE in their books. As the closing hours of the US trading session approach, an accelerated move towards $0.10 and monthly S1 support, along with historical $0.094 and the red descending trendline, could all come in to support the price action.
On a more positive note, we expect to see a relief rally to $0.13 if signals arrive early in the afternoon about possible ongoing talks between Russia and Ukraine. If the bulls pierce the area and rise above it, it could be higher towards $0.16. However, traders should keep in mind that the 55-day Simple Moving Average is on its way and there has been a cap on price movements in the recent past. A one-day close above the 55-day SMA could give the markets a very bullish signal and start the bullish trend next week.
Shiba Inu (SHIB) analysis
The Shiba Inu (SHIB) price action is forming a death cross as the 55-day Simple Moving Average (SMA) breaks below the 200-day SMA. With this extreme bearish signal, a bear market may be in the cards as the war in Kiev draws to a close, and investors will be nervous over the weekend about what Putin plans to do next. A ‘death cross’ is a force to be reckoned with and could lead to dips of 72% to as low as $0.00000607.
SHIB bulls will want to be near the Shiba Inu when price action collapses. Shiba Inu price action saw a very limited session yesterday as more major cryptocurrencies were hit hard by events that shocked the world. SHIB managed to limit the initial 16% loss to just 4% at the close. But this morning, the bulls are at a loss as to what to do, as the news feed indicates that the Russian army is ready to seize the capital and possibly finish the offensive today.
SHIB bulls will back off as the bearish signal from the 55-day SMA crossing below the 200-day SMA is a sign to be respected. Bulls shouldn’t be patient and wait for the appropriate level to get in for a long time if they don’t want to get burned. Thus, Shiba Inu price could drop to $0.00001500 with the monthly S1 support above a possible bounce point or drop below $0.000001000 and go to $0.00000655 with the monthly S2 support, a historical level and the Fibonacci level close together.
If the bulls can push the price action above the monthly pivot at $0.00002500, the death cross could be removed as the 55-day SMA breaks above the 200-day SMA. If the market sentiment is this positive, the buying pace could increase further above $0.00002782 with a further increase towards $0.000003000. This means around 20% of the gains possible in these highly volatile and challenging times.
Ripple (XRP) analysis
We expect XRP price action to continue its gains as global markets fly over the weekend and investors wait for new information to reassess the situation. Meanwhile, Ripple can reserve 12% of the earnings by the end of today. XRP bulls are using the lack of information to make a profit until new developments are added to the current situation.
Ripple price action uses the monthly pivot at $0.68 to continue the recovery after XRP bounced off the critical support at $0.62. The bulls have caught the falling blade action and in the process are looking at 10% gains this morning and targeting another 12% gain in the process as price action looks set to continue higher towards $0.78. Everything will depend on the developments from Ukraine today.
XRP bulls will try to clear the 55-day Simple Moving Average (SMA) at $0.73. Overall, the 55-day SMA in February is a very supportive faSHIB that has turned into resistance since Feb. 21 and These 9 Altcoins Announce Critical News: Here are the Details! It was and is vital for the bulls to look for more gains at $0.84 and $0.88. may have. Bulls will watch price action like hawks entering the weekend to take profits if market events demand it.
The situation in Ukraine could easily escalate over the weekend or even later, putting pressure on global markets. With this, XRP can easily pull back its gains, drop below the monthly pivot and retest the $0.62 it was back on Thursday. Correspondingly, there could be a possible additional drop to $0.58 holding a potential 15% loss.
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