- The altcoin market is showing mixed signals, with major assets diverging.
- XRP and Solana are flashing bullish technical signals like a “golden cross.”
- In contrast, Dogecoin’s chart remains in a bearish posture below key averages.
The altcoin market is sending a complex and dissonant message to start the week, as several top digital assets are flashing crucial, but conflicting, technical signals. While XRP and Solana (SOL) are showing signs of bullish strength, Dogecoin (DOGE) is battling significant bearish pressure, leaving traders to question the timing of a full-blown “altcoin season.”
This market divergence highlights a growing trend where individual project strength is becoming more important than general market sentiment, requiring investors to be more selective.
XRP Flashes Bullish “Mini-Golden Cross”
XRP is displaying clear bullish signals after surging over 12% in the last four days. XRP’s rally followed a pullback that saw the cryptocurrency drop to $2.0593, retesting the crucial support region around $2. XRP bulls reclaimed dominance and pushed the cryptocurrency above a short-term trendline and the horizontal barrier around $2.2800.
Adding to the positive outlook, crypto analysts have observed the development of a “mini-golden cross” signal on XRP’s chart, with the 50-day EMA about to cross above the 100-day EMA. While different from a traditional golden cross (50/200 EMA), this signal is still considered a crucial indicator of a potential shift in momentum.
Related: XRP Price Prediction for June 11: Key Support at $2.25 Holds as Bulls Eye Rebound
Solana Approaches a Major “Golden Cross” Signal
Meanwhile, Solana is presenting another powerful bullish signal. Solana’s 50-day EMA is rapidly accelerating and approaching the 200-day EMA.
A crossover of these two indicators would form a traditional “golden cross,” which is one of the most renowned long-term bullish signals in technical analysis. Validating this golden cross could signal the beginning of an extensive rally for SOL, which was trading at $157.88 at the time of writing, just below the $160 resistance level.
Dogecoin Faces Bearish Pressure Below Key Moving Averages
In sharp contrast, the outlook for Dogecoin does not look as promising after the cryptocurrency fell below the crucial $0.18 support level. The memecoin crashed to $0.1676 last Thursday to enter a bearish zone. However, a recent surge in the past few days saw a DOGE rebound, with the digital asset retesting the broken support, which has now flipped to become new resistance.
Related: Altcoins Bounce Back: ETH, ADA, SOL, and More Enter Key Buy Zones
DOGE traded for $0.1899 at the time of writing, but analysts have spotted a crucial development in the cryptocurrency’s daily chart. DOGE’s price is below some crucial moving averages, which are sloping downwards. The alignment across the 50, 100, and 200 EMAs suggests a bearish future for Dogecoin.
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