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Dogecoin (DOGE) Trying to Break Free From ‘Crab Market’

Dogecoin (DOGE) Trying to Break Free From ‘Crab Market’

The term “crab market” is not about seafood, despite how it sounds; it ia a term for a market that moves sideways, lacking any clear direction. Dogecoin seems to be stuck in this sideways movement, but recent price action suggests a potential escape route.

In the last few hours, Dogecoin has seen an unexpected price surge, currently sitting at $0.064. This uptick brings it tantalizingly close to its 21-day Exponential Moving Average (EMA), a key resistance level. On Aug. 30, Dogecoin made a similar attempt to break this level but fell short.

The 21-day EMA serves as a litmus test for Dogecoin’s immediate future. If the coin manages to break this level, it could signal the end of its crab-like sideways scuttle and the beginning of a more decisive move. However, breaking free from a crab market is not just about hitting certain price levels; it is also about trading volume.

Right now, the trading volume for Dogecoin is moderate, which means the coin is still in the danger zone. A surge in trading volume is often the catalyst needed for a coin to break free from a crab market. Without this surge, even if Dogecoin breaks the 21-day EMA, it could easily slide back into sideways movement.

XRP making breakthrough attempt

XRP is making headlines again, but this time it is not just hype. The asset has recently found solid ground at the $0.5 mark, a psychological level that often acts as a pivot for investor sentiment. Currently priced at $0.504, the coin is setting its sights on the 200 Exponential Moving Average (EMA), a crucial resistance level that could dictate its short-term trajectory.

The market’s volume has been on a downward trend, which usually signals fading interest from traders. However, this could also mean that the selling pressure is easing off, giving XRP the room it needs to breathe and aim for higher levels. The 200 EMA stands as the next significant hurdle. If XRP manages to break through, it could trigger a wave of bullish activity, pushing the asset toward local resistance levels.

Weekend trading sessions did not show any signs of increased selling pressure, suggesting that larger investors might not be entirely bearish on XRP. This lack of selling intensity could provide the asset with the momentum it needs to tackle the 200 EMA successfully.

The 200 EMA is often considered a make-or-break level for many assets. A successful breach could negate the possibility of a “death cross,” a bearish indicator that often leads to further price declines. Given that XRP has already secured its position above the $0.5 threshold, breaking the 200 EMA could very well be the next chapter in its recovery story.

Solana’s fall is not stopping

Solana (SOL) is in a precarious position, with its price spiraling further into bearish territory. As of the latest data, SOL is trading at $19.39, a figure that paints a grim picture for short-term traders. The trading volume has hit an all-time low, which only adds to the uncertainty.

But let’s not jump to conclusions just yet. While the price action is disheartening, it is crucial to look at the broader context. Solana remains robust in its fundamentals, boasting a high-speed blockchain network that has become a go-to for decentralized applications.

The current price level, however, is a far cry from what Solana enthusiasts would hope to see. The trading volume is so low that it is almost as if the market is holding its breath, waiting for something — anything — to happen. This lack of liquidity is a concern, but it is not necessarily a reflection of Solana’s intrinsic value or potential. Rather, it is indicative of a market that is lost its vigor, at least for the time being.

Predicting the next move is like reading tea leaves at this point, but let’s give it a shot. If Solana can muster enough trading volume to break through the current resistance levels, there is a chance for a bullish reversal. However, given the market’s current state, that is a big “if.”

u.today