Prices Outlook: Near-Term Projections for XRP, DOGE, SHIB

• Bitcoin surpasses $70,000; major cryptocurrencies see mixed price movements.
• Dogecoin outperforms with a 29.82% increase; Ripple’s XRP remains stagnant.
• Shiba Inu’s price faces resistance, with potential for a 40.23% surge.

During the past week, Bitcoin surpassed the $70,000 mark, influencing other major cryptocurrencies to experience significant price fluctuations. While some saw their values increase, others experienced declines. Among the top 20 cryptocurrencies, Ripple (XRP) did not perform well.

A week earlier, XRP’s price was approximately $0.61. Currently, its price is at $0.62. In contrast, meme-based cryptocurrencies such as Shiba Inu (SHIB) and Dogecoin (DOGE) fared better.

Over the same period, DOGE’s value soared by 29.82%, making it the top performer in its category. Meanwhile, SHIB saw a 10.61% increase as it aimed to re-enter the top 10 ranking.

Nonetheless, according to the latest data from the derivatives analytics platform Coinglass, the past 24 hours have seen more long position liquidations than short positions. The question remains whether prices will rebound. Coin Edition is analyzing the short-term prospects for XRP, DOGE, and SHIB.

XRP Price Analysis

Since March 25, XRP has been trading in a narrow range, oscillating between $0.60 and $0.65. During this period of lateral trading, an asymmetrical triangle pattern has emerged on the 4-hour chart. The price fluctuations of XRP indicate an ongoing struggle for market dominance between the bears and the bulls.

Nonetheless, the formation of this pattern points to a potential upward breakout. For this breakout to be confirmed, there must be a strong surge in buying activity. The Relative Strength Index has shown that, thus far, the buying pressure has been moderate.

Should the buying pressure increase, the price of XRP could rise to $0.74, corresponding to the 3.618 Fibonacci retracement level. Conversely, if the bears gain the upper hand and pull the bulls back, XRP’s price could stabilize near $0.62, aligning with the 0.236 Fibonacci extension level.

DOGE Price Analysis

Following a rally initiated by bulls at the $0.17 support level that elevated DOGE’s price to $0.21, the cryptocurrency began encountering resistance, indicating that sellers were capitalizing on gains. At the time of reporting, DOGE was trading at $0.20. Additionally, the Money Flow Index (MFI) declined from its peak levels, particularly after it had previously hit a point considered to be overbought.

A lower MFI typically signifies increased selling pressure. Hence, the downturn in this metric corroborated the insights gained from the trendlines. Given these dynamics, it is possible that DOGE’s price could retract to $0.19 or even $0.18, where significant buying interest in the coin has been observed.

Nonetheless, this potential drop may be short-lived, as historically, April has been favorable for the cryptocurrency’s performance.

In the upcoming days, the bulls may attempt to maintain the current price level and counteract the negative sentiment. If they succeed, analysis using the Fibonacci extension tool indicates that DOGE could rise 37.5%, potentially reaching $0.32.

SHIB Price Analysis

The SHIB/USD pair on the 4-hour chart indicates that the token’s price surge earlier in the week was curtailed by resistance at the $0.000032 level. The price has dipped below the 20-period Exponential Moving Average (EMA) marked in blue, suggesting that the bears aim to push the token to the lowest price of the week.

Moreover, there is a risk that SHIB’s price could drop beneath the 50-period EMA, colored in yellow. Should this occur, the bearish scenario may intensify, potentially driving the price below $0.000029.

Nonetheless, a possible sharp decline might set off the subsequent significant rise for SHIB. If an extremely optimistic scenario occurs, the token’s value could surge by 40.23%, setting the forecasted price at $0.000040.