News and prices of the crypto Dogecoin (DOGE), Ripple (XRP) and Crypto.com (CRO)

What recent news involve the crypto Dogecoin (DOGE), Ripple (XRP) and Crypto.com (CRO)? Let’s see below an overview and price updates. 

Dogecoin: the 21% correction and the possible further growth

During the weekend, the popular memecoin DOGE experienced a 21% correction, bringing its price from $0.192 to $0.15.

However, this correction was in line with the Fibonacci retracement tool and generated a bullish continuation pattern, suggesting further growth for the asset.

Dogecoin (DOGE), the largest memecoin by market capitalization, has recently experienced an increase in volatility, highlighted by a long wick rejection candle on the daily chart.

However, consolidation within two converging trend lines indicates the formation of a bullish continuation pattern known as Pennant.

This model suggests that the price of DOGE needs a small pullback after the recent rally, going from $0.084 to $0.206, to consolidate its strength.

With an intraday loss of 6.9%, Dogecoin’s price could see a break below the lower trend line of the pattern. However, if the patterns remain true, it could bounce back to continue consolidation.

For a return to the growth trend, the buyer must break the upper trend line of the pattern. 

A potential breakout could bring the price above $0.2, with a theoretical target of $0.26, according to a model developed on a 4-hour chart that predicts another 1-2 weeks of consolidation before a possible decisive breakout.

Ripple seeks stability around $0.600, comparison with Dogecoin and Crypto.com

The price of Ripple is consolidating around $0.600, following the Bitcoin trend. To maintain a bullish trend, XRP must hold the support at $0.580.

During the past week, Ripple has recorded a significant increase above the resistance level of $0.6250 against the US dollar. The XRP/USD pair has also surpassed the $0.650 threshold, entering a positive phase.

However, after reaching a peak near $0.7442, the price underwent a correction to the downside, with movements below the levels of $0.660 and $0.650. 

The bears pushed the price below the 50% Fibonacci retracement level from the low of $0.5300 to the high of $0.7442.

Currently, the price is below $0.6250 and the simple moving average at 55 (4 hours), but it remains above the Fibonacci retracement level of 76.4%. 

Therefore, it faces a key resistance at $0.620, along with a bearish trendline on the 4-hour chart of the XRP/USD pair.

The next significant resistance is at $0.6380. A breakthrough of this threshold could initiate a more robust increase, bringing the price even beyond $0.670 and $0.740.

On the contrary, the initial support is located near $0.600, followed by a more significant level at $0.580. Further losses could push the price towards $0.550 and even $0.520.

Ultimately, Ripple is seeking stability around $0.600, with prospects for further growth unless a close below $0.580 occurs.

Crypto.com CEO: Bitcoin in an upward trend similar to the 2020-2021 rally

The CEO of the Singapore-based crypto exchange Crypto.com recently shared his perspectives on Bitcoin (BTC), after the recent correction from all-time highs.

In an interview with CNBC, Kris Marszalek argued that Bitcoin currently reflects a strong bullish trend similar to that observed between December 2020 and January 2021, when BTC experienced a rapid rally from $20,000 to over $60,000.

Marszalek explains specifically as follows: 

“We are looking at a lot of proprietary data to evaluate the 2021 cycle and compare it to the current situation. From the data and retail sales intentions, it seems that we are between December 2020 and January 2021.”

Despite Bitcoin’s correction below $67,000 after last week’s peak of $73,000, Marszalek reassures that the cryptocurrency has faced more intense fluctuations in the past, mainly influenced by the options market.

Marszalek remains optimistic about the long-term growth prospects of Bitcoin, attributing the stable performance to the increasing market volume and greater liquidity. Furthermore, he predicts fewer sudden movements in the future.