Chainlink, Dogecoin, XRP price analysis: July 05
The meme coin is the only coin with a bullish outlook in the near term while Chainlink and XRP are both hinting at a downtrend. Even if Dogecoin doesn’t see price appreciation, it will witness a sideways movement; Link and XRP have a clear negative bias.
Chainlink
Chainlink ranks 13 with a market cap of $1.66 billion and is priced at a whopping $4.77. The coin hasn’t seen a lot of movement in the last 24 hours; however, over the course of 2 weeks, the coin has surged from ~$3.5 to $5, where it is trading at press time. The coin has formed a rising wedge pattern, indicating a downward breakout with targets at $4.49, $4.15, and $3.86.
Dogecoin
Dogecoin aka the crypto born out of a meme, at press time, had a total market cap of $289 million making it the 35th largest cryptocurrency in the world. Priced at $0.002314, the coin has seen a 0.08% surge in the last 24 hours.
The price is still moving sideways but above the support zone of $0.00226. Additionally, the coin has the potential to surge as much as 8% in a few weeks. Sooner if BTC surges considering the correlation BTC has with altcoins. The first target for the coin is $0.0023939, which is a 3.85% surge from the current price; breaching this, the next target would be $0.0026015, an 8% surge from the current price. Additionally, RSI has started a downtrend after failing to consistently surge above the 50-level.
XRP
XRP is now the fourth-largest cryptocurrency in the world, as the stablecoin Tether has taken its previous place. XRP seems to be in a downtrend since May 09 with its price systematically breaching every support it encounters.
At press time, the coin seems to have failed to take over the $0.1791 resistance and is heading down towards $0.17035. The red arrow signifies where the coin might go if the downtrend continues. Stochastic RSI has also hit the overbought zone and is heading down towards the neutral zone.
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Akash Girimath, Khareem Sudlow
