While the broad market picture slow recovery signals, some tokens have been against the overall trend. Zilliqa, Dogecoin, and XRP looked ready for corrections in the coming sessions at this publication. Contrarily, Polkadot appears to follow the general crypto market trend, recording stable north progress.
XRP has ridden a broad-based market recovery since March started. However, the token broke the upward channel with a downside conviction on March 31.
That ruined the upside dreams towards the $1 psychological area. XRP will likely discover the nest support at $0.7, where it consolidated towards February’s second half.
The upward momentum appears weak as the Relative Strength Index stayed marginally under 50, though not poor. Positive news might push Ripple past the resistance and conquer the emerging downtrend.
The MACD also displays a similar case, with the indicators crossing above the signal line though hovering within the sub-zero territory.
Zilliqa is one of the top-performing altcoins of the season, gaining nearly 400% in about eight days. However, ZIL welcomed April with retracements, per usual.
Such massive rallies witness downside corrections because of profit-taking. Nevertheless, a descending triangle setup has been developing on the chart, indicating more bearishness until the support floor at $0.1.
Also, the Relative Strength Index kept steady downtrends as price dips corresponded with the declining on-balance volume. That confirms the narrative highlighted above.
The technical viewpoint shows Dogecoin broke out of an extended downside that started in 2021 November. That is according to the 4hr price chart.
Nevertheless, things didn’t appear lucrative despite DOGE’s breakout toward March-end. For now, the token trades beneath the 20- and 50 Simple Moving Averages. These are vital medium to short-term resistance/support zones.
The Relative Strength Index struggles to cling to 50-level. Meanwhile, Awesome Oscillator shows red bars within the negative region, lending more weight to DOGE’s overall bearishness.
Polkadot has seen impressive price recoveries since March started. So far, the alt has recovered almost 50% within that timeframe, currently trading under a resistance zone. However, DOT maintained a slow but steady uptrend.
That way, its downside would not be that harsh. Meanwhile, crossing the $23 resistance will see the token climbing towards the resistance at $29K.
Also, the Supertrend displays positive price movements ahead, the last few candlesticks being green at this publication. Moreover, the RSI is near 60, meaning an additional room for an upside move before the indicator reaches the overbought area.