XRP highlights bearish conditions in the market and a drop could occur towards $1.30 before buyers enter. Cardano remains below the $1.41 resistance and volume is not yet available for a support breakout. Lastly, Polkadot is expected to rise towards $40 or even $42.
Bearish peaks on the Awesome Oscillator saw it move below the midline as XRP tested the $1.42 support. The hourly timeframe gives a slightly different picture, as AO registers some bullish momentum compared to the 4-hour timeframe. During the upcoming sessions, the current support line should be watched as a breakout could push XRP towards $1.30 before buyers enter.
The RSI is also in bearish territory and a move towards the downside would cause chart disturbances. If the current support is maintained, the possibility of a bullish rebound above $1.65 is possible.
The ADX indicator on Cardano dropped to a low of 7 and indicates a weak trend in the market. A reading below 25 usually indicates a balance between buyers and sellers. On the 4-hour timeframe, ADA is trading between $1.37-$1.27 with weak volume. The resistance at $1.41 could remain in focus during the upcoming sessions, and a successful breakout could see ADA streak on the charts.
However, the OBV has not recovered towards its mid-April levels and the buying pressure is not yet there to support a favorable outcome.
polka dots [DOT]
The $38-38.5 range is an important area for short term Polkadots. A strong resistance level lies at this point which also coincides with the 200 SMA (green). On the 4-hour timeframe, the ascending triangle is also visible as the price made higher lows over the past week. April 20 saw a negative crossover between the 200 SMA and 20 SMA, which caused the market to drop. If the price breaks above the pattern’s upper trend line, the 50 SMA could move back above the 200 SMA and this could increase the recovery in the market.
However, the trend’s lower line needs to be defended against some bearish pressure before a break out occurs. Awesome Oscillator recorded a series of red bars as momentum rested with sellers. The RSI points to 55 and reflects a more balanced market. In the event of a breakout, the first and second targets are $40 and $42, respectively.