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The cryptocurrency market witnessed retracements today, with Bitcoin dipping from above $90,000 to $88,902 at press time.
While enthusiasts anticipate BTC at $100,000 soon, PEPE, Cardano, and Ripple drew investor attention for various reasons. Let us find out more.
PEPE poised for reversals
PEPE has been among the top performers in the current bull run, hitting new all-time highs amidst surged demand.
While PEPE exhibits robust bullish strength after gaining 120% the previous week, it signals possible near-term reversals.
Source – CoinmarketcapThe Relative Strength Index, which gauges momentum to determine potential retracements, reads above 85 on the daily chart, highlighting overbought situations.
Overbought conditions confirm impending reversals.
Nevertheless, PEPE’s candlesticks highlight buyer dominance, making any potential retracement short-lived.
The nearly $20 billion market capitalization signals surged investor activity, which can keep the alt afloat in the coming sessions.
The latest performance has pushed PEPE up the ranks, taking 14th place at press time, with a $9.69 billion market cap.
Cardano’s upside threatened as profit-booking looms
ADA gained over the past week to trade at $0.5575 at press time. Its lucrative performance saw analysts forecasting explosive moves.
Nevertheless, the surging profit booking could trigger near-term pullbacks for ADA.
Cardano MVRV ratio, which gauges holder profitability, displayed positive values only within the previous week.
Santiment’s data shows ADA monthly and three-month MVRV ratios stood at 25.7% and 43.9%.
Positive MVRV ratios highlight overvalued conditions. That means Cardano’s current value is more than the average buying price.
That could see profitable holders cashing out, translating to magnified selling pressure.
IntoTheBlock shows that 52% of ADA investors are making money at current prices. These investors would enjoy returns if they decide to sell now.
Source – IntoTheBlockADA hovers at $0.5575, following a 5% dip on the daily chart.
The 35% decline in trading volume signals weakness, suggesting that enthusiasts need more patience before exploring the $1 mark.
Intensified selling momentum might plunge Cardano into the support barrier at $0.54 before heading to $0.47.
Nevertheless, ADA could climb to $0.60 if holders remain resilient despite the recent upsurge.
That would open the patch to the YTD peak of $0.81 before soaring to the sought-after $1.
XRP defies bearish odds
Ripple token gained attention following the latest Robinhood relist, which suggested a potential end to its prolonged battle with the US SEC.
The optimism triggered a nearly 10% price increase over the past day, taking XRP to $0.75 – the highest mark since July last year.
The remarkable uptick rescued the remittance token from a possible death cross on the 24-hour chart.
The bearish setup emerges when a near-term MA falls beneath a long-term AMA.
For instance, a 50-day moving average crossing beneath the 200-day moving average prints this dangerous pattern.
Meanwhile, XRP has escaped the potential death cross and signals a shift in price direction. The altcoin trades at $0.7601 after a 6.50% increase over the past day.
The post Crypto today: PEPE hints at reversals, profit-taking limits ADA’s gains, XRP avoids death cross appeared first on Invezz
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