DOGE and XRP Break Out as Altcoin Prices Surge
The crypto market has seen a surge in altcoin prices this weekend, with Dogecoin (DOGE), Ripple's XRP, and Venice Token (VVV) gaining attention. According to technical analysis, DOGE is poised for further growth after breaking out of a months-long range.
DOGE's price has remained between $0.067 and $0.079 since June 24, but has now cleared the key resistance level of $0.0790. The token has also retested this level in what's known as a break-and-retest, a common sign of continuation in technical analysis.
The DOGE price is above its 50-day Exponential Moving Average (EMA), and the Relative Strength Index (RSI) has jumped above 50. This coincides with higher volume, with the 24-hour figure rising to over $1.49 billion, and increasing futures open interest, indicating rising investor demand.
XRP, on the other hand, is breaking out of a falling wedge pattern and has formed a bullish flag setup. The token's price is above its 50-day moving average, and ETF inflows jumped by over $159 million last month, while exchange supply continues to fall.
VVV, another altcoin, has rebounded from its July low, but may face a reversal due to the formation of a double-top pattern. The token's price is above its 50-day moving average, but its RSI has dropped from overbought levels.