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XRP, SOL, ADA, and DOGE: A Time to Reconsider Your Investments?
The cryptocurrency market has been experiencing a rollercoaster ride lately. In recent times, we have seen significant drops in the prices of XRP, SOL, ADA, and DOGE. As a result, traders are left wondering if this is an ideal entry point for their investments.
Currently, Cardano (ADA) trades between $0.73 and $0.82. The nearby support level is at $0.68, while the resistance is at $0.87. It’s essential to note that the 10-day Simple Moving Average is at $0.67 and the 100-day average is at $0.75. With regards to technical indicators, we see oversold conditions as indicated by both the Relative Strength Index (21.15) and Stochastic oscillator (10.24). This suggests that ADA might be ready for a rebound.
The nearest resistance level in this scenario would be at $0.87, with a potential increase of around 18%. However, if we were to see the price dip below $0.68 support, it could potentially fall to the next support level at $0.58, representing a drop of about 15%.
For Solana (SOL), we’ve seen significant fluctuations lately. The cryptocurrency’s value has dropped by 23% over the past week and decreased by 43% in the past month. However, if we look at the bigger picture, SOL is still up by an impressive 98% over the last six months.
Currently, DOGE trades between $0.23 and $0.26. It’s near its 100-day simple moving average of $0.24 and slightly above the 10-day SMA of $0.21. Nearest resistance levels include a point at $0.28 and another at $0.31. If DOGE were to break these levels, it could potentially rise by around 20%. However, if it falls below the initial support at $0.21, it might drop to $0.18, which would be a decrease of approximately 17%.
Looking at XRP (Ripple), we see that its price dropped significantly by roughly 20% over the last week. Over the past month, it has experienced an even more significant decline of around 43%. However, if we look at the bigger picture, XRP is still up by a substantial 98% over the last six months.
Source: https://cryptonewsland.com/xrp-sol-ada-doge-see-20-price-drops-is-now-the-perfect-entry-point/
