XRP battles $0.55
The recent market collapse affected XRP, causing it to drop to a low of $0.50 on Jan. 3. However, the asset managed to recover and reach the crucial $0.55 price level. Unfortunately, bears have been trying to push XRP below this threshold, resulting in a bearish consolidation between $0.5216 and $0.5895. Despite briefly hitting a high of $0.5895 on Jan. 15, XRP has been experiencing lower lows and ultimately fell below $0.55 on Jan. 18. The asset defended the $0.55 support but eventually dropped to a low of $0.5216 on Jan. 19. Currently trading at $0.5525, XRP aims to stay above this level and potentially reverse its price decline by surpassing the resistance at $0.5780.
Dogecoin bucks trend with 7% gain
Unlike other assets that faced bearish consolidation, Dogecoin demonstrated resilience by recording a surprising 7% gain this week. Starting with a high of $0.08258 on Jan. 16, DOGE experienced a drop to $0.07484 on Jan. 19, falling below the important support levels at $0.08 and $0.075. However, Dogecoin made a breakthrough on Jan. 20 when it rallied to a high of $0.09058, surpassing the crucial resistance at $0.09 in an attempt to reach $0.1. Despite encountering resistance at $0.09, DOGE closed the day with an impressive 11.71% gain and is currently up 7.6% for the week.
Injective forms bullish pennant
Injective faced bearish pressure this week, resulting in a drop from its high of $41.9 on Jan. 16. The asset experienced three consecutive intraday losses, with the largest drop occurring on Jan. 18, bringing it below $37. However, Injective is now attempting to recover some of these losses and is currently trading at $36.2 with a 2.25% increase today. Looking at the bigger picture, INJ appears to have formed a bullish pennant structure during the ongoing consolidation. The flagpole of the pennant was formed from Dec. 6 to Dec. 24 when INJ surged 161%. Following this peak, Injective faced a retracement and consolidation, resulting in the formation of the pennant pattern, which typically indicates a pause in the uptrend and potential continuation.
Hot Take: XRP and DOGE show resilience while INJ forms bullish pennant
This week, XRP and Dogecoin demonstrated resilience amidst the market collapse, with XRP battling to stay above $0.55 and Dogecoin recording a surprising 7% gain. On the other hand, Injective faced bearish pressure but may have formed a bullish pennant pattern, suggesting a potential continuation of its uptrend in the future. It will be interesting to see how these cryptocurrencies perform in the coming weeks as market conditions continue to evolve.
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