Bitcoin, which was trading at $90,000.02, has seen a retracement today.
Investors have been drawn to Ripple, Cardano and PEPE for different reasons. Find out more.
The PEPE is poised to reverse its course
PEPE is one of the best performers during the current bull market, reaching new highs amid a surge in demand.
PEPE is showing a strong bullish trend after the week prior, when it gained 120%. This could indicate reversals in near term.
On the daily chart of relative strength, which measures momentum in order to identify potential retracements and determines the likelihood of a reversal, it reads over 85, signaling an overbought situation.
Conditions of over-purchase indicate a reversal is imminent.
Candlesticks from PEPE show a strong buyer’s dominance. This makes any possible retracement very short lived.
Nearly $20 billion in market capitalization indicates a surge of investor activity. This can help keep alt currencies afloat during the coming sessions.
PEPE has moved up in the rankings, and is now ranked 14th at time of press, with an estimated market capitalization of $9.69 Billion.
Cardano’s potential upside is threatened by profit booking
ADA has gained in the last week and is currently trading at $0.5575 as of press time. Analysts predicted explosive movements after its lucrative performance.
ADA could be forced to pull back in the near future due to the surge of profits.
Cardano’s MVRV, which measures holder profitability and measures the ratio of holders to their stakes, only showed positive values within the last week.
Santiment data showed that the MVRV monthly ratios for ADA were 25,7% and 43.9 % respectively.
Positive MVRV ratios highlight overvalued conditions. Cardano is currently worth more than its average purchase price.
This could lead to a greater selling pressure as the holders of profitable shares may cash out.
IntoTheBlock reports that at the current price of ADA, 52% are in profit. If they sell, these investors will enjoy a return.
ADA is hovering at $0.5575 after a 5% drop on the daily chart.
This decline of 35% in volume suggests that traders need to be more patient before they explore the $1 level.
Cardano could be pushed to the $0.54 support level before it reaches $0.47.
Despite the recent rise, ADA may still reach $0.60 if its holders are resolute.
This would take the patch up to its YTD high of $0.81, before soaring all the way to $1.
XRP defies bearish odds
The latest Robinhood listing, which indicated a possible end to the long-running battle between the US SEC and Ripple Tokens, gained attention.
Breaking: Robinhood has just added $XRP back. Platform also returned $SOL and $PEPE as well, following the Trump win and the expected rise of a crypto-friendly leader.
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The price of XRP has risen by nearly 10% in the last day. It is now at $0.75, the highest level since July 2017.
This remarkable rise saved the remittance token from being a death cross in the 24-hour chart.
A bearish set-up occurs when a short-term MA is below a long term AMA.
This dangerous pattern is characterized by a moving average of 50 days crossing below the moving average 200 days.
XRP, on the other hand, has escaped a potential death cross. This signals a change in direction. Altcoins trade at $0.7601, after an increase of 6.50% over the last day.
This article Crypto Today: PEPE hints about reversals; profit-taking limits ADA’s gains; XRP dodges death cross could be updated as new information becomes available
