The market is swimming in the sea of green waters on Thursday. As discussed on Crypto Recorder yesterday, the bullish momentum that kicked revamped the market on Tuesday this week and mainly ignited by Ripple (XRP) was cut short on Tuesday morning (GMT). Bitcoin (BTC) has recovered above $6,400 while Ethereum (ETH) is correcting higher above $210 after defending the support at $200. Ripple is still shining bright with a 12.72% jump on the day. Most of the top 20 cryptocurrencies are in the green, besides the same trend is reflected across the market.
Dogecoin has been among the best cryptocurrency performers in the industry in September. It has risen against all odds recording higher highs and higher lows amid the falling prices in the market. The crypto made a nice recovery from the levels at $0.0025 and came close to trading at $0.0070. However, the buyers seem to have given to the seller’s persistent biting which has led to the slight drop from the monthly highs.
The support at the 61.8% Fib retracement level of the last swing high of $0.00665 and a swing low of $0.00528 could hold the declines yesterday as Dogecoin extended the drop. Fortunately, the buyers found balance slightly above $0.0052. Buying entries increase at this level and DOGE/USD made a slight comeback currently supported by the 23.6% Fib retracement level.
At present, the hourly 50 simple moving average is preventing upside movement at $0.0057 while the critical resistance lies at $0.0060. The general trend is in the favor of the bulls, moreover, the MACD is ranging marginally below the mean line (0.0). At the same time, the stochastic is ranging at 34.5%. Although the indicators are sending mixed signals, Dogecoin is likely to move upwards sideways. However, the support at the 23.6% Fib level has to hold to keep declines towards the next support target at bay, at least until the close of the session.
Cardano, on the other hand, is dancing in the green at the time of writing. The crypto is making gains towards the immediate resistance at $0.076. Similarly, the bulls have their eyes set on $0.1 in the near-term. Earlier this week, Cardano corrected lower breaking the key support at $0.066 but the bulls put their best foot forward hence the pit stop at $0.062.
The buyers have in control of the price since the bullish trend began on Wednesday. A nice pullback occurred above the primary support which the resistance at $0.074. However, the buyers lost balanced resulting in a bear reaction. ADA/USD is supported at $0.0660 but a bullish move is ongoing towards $0.076. Another short-term support is observed at a higher level ($0.0720). The price is trading above the 50SMA while the technical indicators are sending bullish signals.
Ripple continues to send fireworks up high in the cryptocurrency market. A couple of days ago, the digital asset surged more than 20 percent. The price broke above $0.30 and reached even higher while forming a support at $0.31. Consequently, it has corrected much higher on Thursday adding a whopping 12% to its value on a daily basis.
Ripple stepped above $0.37 but has turned bearish. It is currently making subtle corrections while seeking support at $0.36. It is important that the support at $0.36 is defended to avoid dips towards $0.31. But first, the trendline and the 50SMA will try to prevent declines if the trend reversal extends its reach,
Stochastic: 85 percent (and ranging)
Major support: 0.27