This week, the cryptocurrency market is poised for increased volatility due to significant upcoming events, including the release of the Consumer Price Index (CPI) data by the Bureau of Labor Statistics, a pivotal Supreme Court ruling concerning Donald Trump”s tariffs, and discussions from several Federal Reserve officials. These factors are expected to influence the price movements of major cryptocurrencies such as Ripple (XRP), Pepe Coin (PEPE), and Cardano (ADA).
XRP Price Analysis and Outlook
An examination of the weekly chart for XRP reveals potential risks for the token this week. The price has dipped below the Supertrend indicator, which often signals further declines. Notably, the formation of a gravestone doji candlestick pattern indicates that the token opened higher but subsequently retreated, closing near its opening price. Additionally, XRP has fallen beneath the 50-week Exponential Moving Average (EMA), suggesting bearish control over the market. The token also exhibited a double-top pattern at $3.3883, with a neckline identified at $1.560. In the event of a continued decline, the first critical support level to monitor is $1.80, aligning with the double-top neckline.
Pepe Coin”s Recent Performance
Turning to Pepe Coin, the daily chart illustrates a notable rebound in recent months, rising from a low of $0.00000362 in November to a peak of $0.0000072 on January 4. Despite a pullback resulting in a recent low of $0.000000590, the token remains above the Supertrend indicator, indicating that bullish sentiment persists. Furthermore, it has surpassed the 50-day EMA, and signs suggest that the momentum of the downtrend is weakening, as indicated by a downward movement in the Average Directional Index (ADX). This could set the stage for a potential resumption of the uptrend, with an eye toward retesting the key resistance level at $0.0000072, approximately 20% above the current price.
Cardano”s Market Position
Regarding Cardano (ADA), the daily chart indicates a pullback from its year-to-date high of $0.4347 to the present level of $0.40. The price has dropped below the upper boundary of a descending channel and the 50-day Exponential Moving Average, suggesting ongoing bearish pressure. The MACD has shown stagnation just below the zero line, while the Relative Strength Index (RSI) has receded to 50. As long as ADA remains beneath the descending channel and the 50-day moving average, further declines are likely, potentially targeting the crucial support level at $0.3278.
As these economic indicators and judicial decisions unfold, market participants should stay vigilant regarding their potential impacts on these key cryptocurrencies and the broader market.
