XRP, Dogecoin, Aave Price Analysis: Jan 09

When Bitcoin touched its nearly 15-week low on January 8, the crypto greed and fear index it sank to 10 points the same day. As a result, the short-term technical data for XRP, Dogecoin, and Aave showed a bearish bias. But now, after a bullish divergence with the RSI, they showed higher purchasing power.

Only a sustained close above your immediate hurdles on increasing volumes can confirm the stagnation of the broader selloff.

XRP

Since reaching its three-week high on Dec 23, the alt has fluctuated in a descending channel (white). This trajectory marked a retracement of 21.37% and found support near the Fibonacci level of 50% on January 1. Then, although XRP reversed, the patterned breakout was unable to sustain above the $ 0.8431 level.

After wavering near its Checkpoint (red) for nearly two days, XRP correlated with a broader sell-off and saw a wedge falling (yellow) on your 4-hour chart. An additional 11% drop on Jan 5 led the alt to lose its Fibonacci support of 61.8%. Now when the bulls lock in the five-month support at the $ 0.7292 mark, they tried to regain the aforementioned golden level.

At press time, XRP was trading at $ 0.752. The RSI jumped from the 19 mark and managed to swing above the 40 level. Over the past few days, the RSI carried out a bullish divergence with its price action (white trend line).

Dogecoin (DOGE)

TradingView, DOGE / USD

After being in the range for almost three weeks, DOGE turned the $ 0.1623 mark from support to resistance. It oscillated in a side channel (white) for almost a week until it fell 14.93% and hit its five-week low on January 8.

Now when the $ 0.1456 support held strong for almost nine months, DOGE reversed to test the overhead channel (immediate resistance). This level also coincided with the 20-SMA (red). The last two green candles saw a considerable rise in volumes, hinting at a strong bullish move. Therefore, the OBV I saw a sharp point too.

At press time, DOGE was trading below its 20-50-200 SMA at $ 0.1518. The RSI saw substantial revival but was unable to cross the 44 mark. Like XRP, DOGE RSI saw bullish (white) divergence with price action.

AAVE

AAVEUSD 2022 01 09 12 43 30

TradingView, AAVE / USD

The alt reversed its decline from the long-term critical support of $ 170 on December 20. It saw a staggering return on investment of 76.79% (from the low on December 20) until it reached its six-week high on December 28 and found resistance near the Fibonacci level of 61.8%.

In the past few days, AAVE saw a descending wedge (green) and found support at the $ 202.23 level. With a recent bullish divergence between RSI and price action, AAVE managed to swing above its 20-200 SMA.

At press time, AAVE was trading at $ 217.87. The RSI It wavered below the midline and showed an uptrend. Despite a substantial drop, the OBV it maintained its short-term support level. This reading indicated a superior buying force.

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XRP, Dogecoin, Aave Price Analysis: Jan 09

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