July 20, 2024


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Best Cryptocurrency to Keep an Eye on This Week

3 min read

Following Bitcoin’s (BTC) decline and the worldwide crypto market value losing over $100 billion as a result of price spikes and drops, this week’s leading cryptocurrencies are XRP (XRP), Dogecoin (DOGE), and Injective (INJ).

When bitcoin ETFs started trading in the United States on January 11, the price of bitcoin hit a two-year high of $49,000. Since that time. On Sunday, January 21, the asset fell and is currently trading at $41,807.60, up just.34%.

XRP Battles $0.55.

The majority of mainstream assets were affected by the most recent market crash, and XRP was not immune to it. Remember that after a choppy start to the year, XRP fell as low as $0.50 on January 3. After a while, the asset bounced back and reached the crucial $0.55 price barrier.

But the bears tried to drive XRP below the price threshold this week. This week saw the continuation of last week’s bearish trend, which resulted in a bearish consolidation between a high of $0.5895 and a low of $0.5216.

At the beginning of the week on January 15, XRP reached its peak. However, the bears forced it below the price barrier, and since then, it has dropped to lower lows, touching the $0.55 region. XRP fiercely guarded the $0.55 support, but on January 18 it finally lost up.

As the amount of bearish pressure increased, the asset fell to its lowest point on January 19, $0.5216. The following day, XRP recovered, rising 1.67% to take back the $0.55 mark. The cryptocurrency is trying to hold onto its position above the $0.5525 mark, where it is now trading.

If this isn’t done, XRP’s final line of defense against additional drops, the support at $0.5487, would come into play. The asset needs to show a methodical climb to the high of $0.5780 on January 9th, which is currently at Fib. 0.382. A close above this level of resistance can portend an impending turnaround in the price.

Dogecoin Defies the Trend, Rising 7%

Dogecoin this week demonstrated remarkable fortitude in the face of the bearish pressure. While other assets, including Bitcoin, saw bearish consolidation during the week, DOGE saw strong increases and was on track to finish the week with an unexpected 7% gain. Additionally, Dogecoin is up 11.7% as of Sunday, January 21.

DOGE started the week strongly, jumping to a high of $0.08258 on January 16, while other assets fell. But eventually, on January 19, the memecoin with a dog theme fell to a low of $0.07484, breaking below the critical support levels of $0.08 and $0.075. The breakthrough for Dogecoin occurred on January 20, when the cryptocurrency asset surged to a high of $0.09058, surpassing the crucial $0.09 resistance level to secure $0.1.

Even with the barrier at $0.09, DOGE persevered, finishing the day with a whopping 11.71% gain. Dogecoin surged to $0.09046 on January 21, starting the day on a renewed upswing. However, the bears have taken control of the situation, causing a decline to $0.08468.

Despite the recent obstacles, DOGE has gained 7.6% this week, securing a position in the top 10 gainers.

Bullish Pennant is Formed by Injection

This week’s prevalent bearish pressure in the cryptocurrency market caused Injective to give in. After gaining 11% intraday the day before, the asset reached a high of $41.9 on January 16. The subsequent downturn, however, neutralized this positive surge.

From January 16 to January 18, INJ experienced three straight intraday losses. On January 18, it saw a decline of 8.18%, which was its biggest since January 7. The asset fell below $37 throughout the prolonged decline. As of right now, Injective is trying to make up some of these losses; now, it is trading at $36.2, up 2.25%.

Looking farther out, INJ seems to have created a bullish pennant pattern amid the current consolidation. Notably, the pennant’s flagpole was created between December 6 and December 24. The asset formed a long flagpole, rising 161% from $17.19 on December 6 to a high of $44.89 on December 28.

Nevertheless, Injective encountered resistance after reaching a peak of $44.89, which resulted in a slight retreat and consolidation that followed. The pennant formed as a result of this consolidation, which continued into this week. This formation usually indicates that the uptrend is about to pause and then resume.



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