Dogecoin (DOGE) Bulls Take Control
Dogecoin has broken to the upside on Tuesday and just hit its highest level since early June at $0.080. DOGE was last trading with on-the-day gains of about 15%, making it the best-performing cryptocurrency in the top 50 by market capitalization over the past 24 hours, as per CoinMarketCap.
#Dogecoin on the move again!!!
— Matt Wallace (@MattWallace888) August 16, 2022
Dogecoin had experienced significant volatility in the prior two sessions but had been broadly unable to break above resistance around $0.08. Now the level has been convincingly broken, the DOGE bulls are setting their sights on the next key area of resistance in the $0.09 to $0.0960 area. If DOGE can crack above here, its in with a decent shot of returning above $0.10 per token and testing its 200-Day Moving Average at $0.1043.
Shiba Inu (SHIB) Also Pushes Higher But Struggles With Resistance
Not to be outdone by its slightly larger cousin Dogecoin, fellow dog-inspired memecoin Shiba Inu is also trading with substantial gains on Tuesday. The cryptocurrency was last up close to 7% on the day in the $0.000016 per token area, though is still a fair amount below the multi-month highs it hit near $0.000018 on Sunday.
SHIB has also experienced significant volatility in recent days, after breaking above resistance in the $0.000013 area and surging 33% in one day on Sunday. SHIB is now grappling with profit-taking-related selling pressure as it struggles to get above resistance in the form its January and late April lows in the $0.000017 and $0.0000185 areas respectively, as well as a downtrend from December 2021 and the 200-Day Moving Average at $0.00001791.
A break above this area could trigger an upswing towards the next notable resistance area around $0.00003. But failure could signify that the downtrend since December 2021 has further legs to run and that a drop back to annual lows around $0.000007 is likely.
Ripple (XRP) Flat Near its 21DMA as Traders Await Court Decision
XRP, the native token that powers Ripple’s blockchain/payments system, was last trading flat in the last 24 hours in the $0.37 per token area. The cryptocurrency remains in wait-and-see mode ahead of important macro events that could impact cryptocurrency markets broadly, and an important court ruling in the ongoing SEC vs Ripple lawsuit.
The cryptocurrency is for now holding above its 21DMA and an uptrend from mid-July, suggesting that its near-term technical bias remains towards further upside, providing fundamental developments this week also go well. XRP could be in with a shot of once again testing $0.40 and breaking out to fresh multi-week highs.
According to FX Empire’s head of cryptocurrency analysis who has been closely following the ongoing SEC vs Ripple lawsuit, Ripple secured another win on Monday. “Judge Netburn ruled in favor of Ripple’s motion to serve non-party subpoenas to authenticate seven videos of SEC officials’ public remarks,” Mason said.
However, “while the ruling was a win for Ripple, the XRP price impact was modest, as investors await a more material ruling,” Mason added. “In late July, the SEC filed an objection to a July Court ruling denying its attempt to shield the William Hinman speech-related documents under the attorney-client privilege,” he explains. A court decision on this objection may come this week.
Analysts think that comments made by Hinman, a former SEC Chair, if available to use as evidence, could swing the case in favor of Ripple, which stands accused of being unregistered security by the SEC.