While the broader market is showing some slow signs of recovery, some coins are bucking that trend. At the time of writing, XRP, Zilliqa and Dogecoin appeared poised for a price correction going forward.
On the contrary, Polkadot seems to be following the general market trend and making steady progress northwards.
XRP
XRP/USDT | Source: Tradingview
XRP had been in a broad-based recovery since early March, but that upward channel was broken with conviction downward on March 31. This has most likely shattered dreams of a run to $1 for the altcoin. The next support level could be near $0.7, a level at which XRP consolidated in the second half of February.
With the Relative Strength Index (RSI) just below 50, upward momentum looked weak, but not bad either. Any positive news could push XRP through the resistance and break the downtrend that is starting to form. Even the MACD gives similar signals, with the MACD line crossing the signal line but trading in the sub-zero region.
Zilliqa (ZIL)
ZIL/USDT | Source: Tradingview
One of the best performing alts this season, Zilliqa rallied just 400% in about eight days. But since April 1, it begins to correct, as usual. After a rally from this height, there will no doubt be some form of correction to explain the profit posting. However, a bearish triangle pattern is forming on the chart suggesting further bearishness is imminent until the next USD 0.1 support level.
The Relative Strength Index (RSI) is also steadily declining, with the decline in prices corresponding to declining on-balance volume (OBV). This confirms the views mentioned above.
Dogecoin (DOGE)
DOGE/USDT | Source: Tradingview
Technically, on the 4-hour chart, Dogecoin has managed to break out of a long downtrend that started in November 2021. However, zooming in, despite the outbreak towards the end of March, things don’t seem too good either. Prices are currently trading just below the 20 and 50 period SMAs. These are good short to medium term support/resistance levels.
The RSI is barely able to hold the 50 mark and Awesome Oscillator has started showing red bars in the negative area – adding even more weight to the overall bearishness.
Polka Dot (DOT)
DOT/USDT | Source: Tradingview
Polkadot has been recovering quite well in terms of prices since the beginning of March. So far, it has recovered close to 50% during that period and is currently trading just below a resistance level (highlighted in dark green). The upward movement was slow and steady, unlike Zilliqa’s, so presumably a price correction wouldn’t be too hard either. Once it is able to cross the resistance (highlighted in dark green) ~$23, it can be expected to rise into the next logical resistance zone around $29-30.
Even the Supertrend indicator had a positive outlook, with the last few candles highlighted in green at the time of printing. The RSI was also close to 60, so there is plenty of room for upward movement before reaching overbought territory.