Key Takeaways:
- The cryptocurrency market registered a minor uptrend on Oct 25.
- However, the rally lacked any decisive bullish cues.
- Altcoins like SHIB, DOT, ADA, and DOGE registered miniscule gains, while XRP remained in the red.
PATNA (CoinChapter.com) — The cryptocurrency market continued to suffer from a lack of decisive bullish cues on Oct 25. However, some crypto tokens like Shiba Inu (SHIB), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT) registered minor gains, but bears continue to push back any price rallies.
Meanwhile, Ripple (XRP) prices registered their second consecutive red candle in the week starting Oct 24. Tuesday saw several cryptocurrency tokens register minuscule to minor gains, but the rallies seem to lack support from traders.
1. Shiba Inu (SHIB) Price Analysis
The Shiba Inu token continued trading below a multi-month descending trendline resistance, which has repeatedly rebuffed the upside movement of the meme token. Moreover, the crypto token’s 20-day EMA (red wave) has formed a confluence with the descending trending resistance.
If the Shiba token price fails to break above the trendline, the SHIB price would likely fall to test support near $0.0000098. Moreover, a marketwide sell-off might result in SHIB prices reaching $0.0000089 before recovering.
However, a move above the trendline resistance would help the Shiba token target resistance from its 20-day EMA near $0.00001. Furthermore, a break and close above trendline resistance might attract buyers to the market, resulting in SHIB prices likely challenging resistance near $0.0000112 before retreating.
2. Cardano (ADA) Price Analysis
The ADA token started on Oct 25 in the green before bears pushed the prices down. The long upper wick on the Cardano token’s daily price candle highlights the aggressiveness bears sell on relief rallies.
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ADA token price started gaining on Oct 21, after nearly two weeks of its RSI levels remaining in the oversold region. The crypto token then registered a minor rally over the weekend, which lost its fizz on Oct 24.
If Cardano bulls manage to push prices up, ADA price will face immediate resistance from their 20-day EMA (red wave) near $0.374. However, a break and close above immediate resistance would provide the ADA token price the momentum to reach resistance from its 50-day EMA (purple wave) near $0.41 before retreating.
Conversely, if the bears wrangle control over ADA prices, the crypto token likely fall to test support near $0.347, finally, a marketwide sell-off might result in the Cardano token prices falling to $0.322 before recovering.
Meanwhile, the relative strength index for ADA is neutral, with a value of 35.5 on the daily chart. The RSI trendline is moving horizontally, while the negative slopes of the EMA trendlines highlight the bearish pressure against ADA.
3. Dogecoin (Doge) Price Analysis
Dogecoin prices have remained range-bound between $0.066 and $0.057 since the last week of Aug 2022. Between Oct 21 and Oct 23, the DOGE token tried to kickstart an upside rally which fizzled out as the trading started in the week beginning Oct 24.
On Tuesday, the DOGE token price jumped nearly 3.6% between intraday low ($0.059) and high ($0.061) levels. Despite the long upper wick on the day’s daily candle indicating a strong bearish presence, the bulls are aggressively recovering lost ground.
For the uptrend to continue, DOGE token price would need to move above 20-day EMA (red wave) and target resistance from its 50-day EMA (purple wave) near $0.062.
Breaking and closing above immediate resistance would help the crypto token rise to challenge resistance from its 100-day EMA (blue wave) near $0.066 before retreating.
Conversely, if the bears continue selling on relief rallies, DOGE token price would likely fall to test support near $0.057. Moreover, a marketwide sell-off might force the Dogecoin token to support near $0.054 before recovering.
4. Ripple (XRP) Price Analysis
The XRP token price fell nearly 6.2% this week, between Oct 24’s intraday high ($0.473) and Oct 25’s intraday low ($0.44). If the downtrend continues, XRP price might break below the 50-day EMA (purple wave) support and fall to test support from its 100-day EMA (blue wave) near $0.43.
Moreover, breaking below a key support level, which has supported XRP token price action since Sept 22, might lead to increased selling pressure for the crypto token. As a result, the XRP price might fall to support near $0.405 before recovering.
Conversely, if the XRP price rises, the crypto token would target resistance near $0.46. Breaking and consolidating above immediate resistance would provide the Ripple token the momentum to rise to $0.48 before retreating.
Meanwhile, the relative strength index of XRP remains neutral at 44.62, with the RSI trendline sloping downward.
5. Polkadot (DOT) Price Analysis
The Polkadot token price continued trading below a multi-month descending trendline resistance that rebuffed the DOT price rally four times. The crypto token enjoyed a minor rally over the weekend but started the new week on Oct 24 with a loss of 0.84%.
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The long lower wicks on the DOT token’s daily candles indicate a strong presence of bulls near the lower price levels. Moreover, DOT price recovered nearly all of its loss from Monday, as the Polkadot token price jumped 1.1% between intraday low ($5.9) and high ($5.97) on Oct 25.
The price jump has brought the Polkadot token near the descending trendline resistance. For the rally to continue, DOT prices need to break above the trendline resistance and target resistance from their 20-day EMA (red wave) near $6.1.
In addition, breaking and closing above immediate resistance would attract buyers to the market, helping the Polkadot token rise to challenge resistance from its 50-day EMA (purple wave) near $6.47 before corrections pare gains.
On the other hand, if the trendline resistance rebuffs DOT’s rally again, the crypto token would likely fall to resistance near $5.74. Moreover, a marketwide sell-off might result in DOT price testing support near $5.48 before prices recover.
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