Dogecoin, Ethereum and XRP have closed bearish candles on the daily chart. FXStreet analyst Tony Montpeirous interprets scenarios where support levels that the bulls can maintain “for now” could lead to a possible breach. Let’s keep in mind that estimates are not precise.
Dogecoin price could drop to $0.02 if these techniques are correct
Dogecoin (DOGE) price is in a free fall movement as technical data points to the third wave in a downtrend. The bears managed to form a major bearish pattern on May 11, currently the largest candle in the entire downtrend. On the 12th, the bullish hammer, which interprets the $0.06 area as a suitable entry level, points out that the current uptrend is likely a corrective structure to tie the next downside blow, owing to the ensuing lack of volume. If the Elliot Wave thesis is correct, it could break the historical trend channel that analysts have been warning about for several months. The strength of the current downtrend could push the price towards $0.02 in the coming weeks.
invalidation of current downtrend will be confirmed by break of $0.115. If the bulls can break through this level, “DOGE price could return to $0.14 and $0.16, resulting in an increase of up to 100% from the current Dogecoin price,” according to analyst Tony Montpeirous.
Why could Ethereum price drop to $1,000?
Ethereum (ETH) has formed a very deadly bearish candle on the 2-day chart, as we have covered in the analysis of Kriptokoin.com. ETH price is currently trading at $2,000, just above the closing price of the previous candle. It could shock early buyers in the coming days as the bears could push the price down towards $1400. If the technical information is correct, Ethereum price could form a countertrend rally before dropping to the $1,000 price level.
The bearish volume also saw a significant increase, reinforcing the bears’ $1,000 target. If the technical information is correct, it suggests possible selling pressure in the coming days.
The invalidation of the downtrend for ethereum is confirmed by crossing $2,660. If the bulls can break this level, the bearish double zigzag thesis will be considered false. The bulls could then target a price target of $3,000, resulting in a 33% increase from the current Ethereum price.
XRP price could sweep bottoms before a countertrend rally to $0.50
XRP price took a steep plunge as bears swept away liquidity levels dating back to February 2021. Analyzing the techniques, the bears are gaining momentum as a large bearish engulfing candlestick has been recorded on the 2-day chart. Elliott Wave theory suggests that this move is only halfway to the intended target. The following bearish targets are located near $0.30 and $0.28.
XRP price could sweep current monthly lows at $0.33 in the coming days. Again. The techniques also point to the need to return to wave 4 of the previous degree to complete this expanding impulse pattern. Therefore, a profitable buying opportunity may present itself for swing traders in the coming days. A possible scenario for a deep and time-consuming 4th wave (according to the second wave correction) XRP price. Traders can look for a push rally towards the $0.50 levels.
If the technical information on this chart is correct, the future countertrend rally will be a deep wave quadruple retracement to $0.50 but should not exceed $0.58. If the $0.58 level is broken, the entire downtrend could be terminated. The bulls could then be redirected to $1.16, resulting in a 100% increase from the current XRP price.
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