Last week, our top cryptocurrencies — XRP ( XRP ), Dogecoin ( DOGE ) and Injective ( INJ ) — took center stage after Bitcoin ( BTC ) crashed and the global cryptocurrency market cap lost around $100 billion in price gains and losses.
Bitcoin hit a two-year high of $49,000 on Jan. 11, when the Bitcoin ETF began trading in the U.S. The asset has since plummeted and is currently trading at $41,807.60, up just 0.34% on Sunday, Jan. 21.
Battle of XRP 0.55
The recent market crash affected most major assets, and XRP did not escape the impact.
Recall that XRP fell to a low of $0.50 on January 3 amid a mixed start to the year.
The asset eventually recovered from this plunge, regaining the key price threshold of $0.55.
However, the bears attempted to sink XRP below the price levels last week. The previous bearish trend spilled over into last week, resulting in a bearish consolidation between the $0.5216 low and $0.5895 high.
XRP hit this high on January 15, early last week. Nevertheless, the bears broke the price threshold and it has continued to make lower lows since then, sliding to the $0.55 area. XRP fiercely defended the $0.55 support level but eventually gave it up on January 18.
As bearish pressure intensified, the asset plummeted to a low of $0.5216 on January 19. XRP staged a comeback, rising 1.67% the next day to reclaim the $0.55 mark. The coin is currently trading at $0.5525, attempting to lock its position above this price point.
If it fails to do so, the $0.5487 support level comes into play, which is XRP’s last line of defense against further declines. The asset must carefully move towards the January 9 high of $0.5780, which is currently trading at Fib level of 0.382. A close above this resistance could signal an imminent price reversal.
Dogecoin bucks trend and rises 7%
Dogecoin has shown exemplary resilience amid concerns over bearish pressure last week.
While Bitcoin and other assets have largely faced bearish consolidation this week, DOGE has recorded impressive gains and is expected to close the week with a surprising 7% gain.
As of Sunday, January 21, Dogecoin is up 11.7%.
While other assets plummeted, DOGE started last week on a positive note, rising to a high of $0.08258 on January 16.
However, the doggie-themed memecoin eventually fell to a low of $0.07484 on Jan. 19, breaking through the critical support levels of $0.08 and $0.075.
Dogecoin’s breakout occurred on January 20, when the crypto asset rallied to a high of $0.09058, breaking through the critical resistance point of $0.09 in an attempt to target $0.1.
Despite encountering obstacles at the $0.09 level, DOGE showed resilience, closing the day with a massive gain of 11.71%.
Dogecoin started a new uptrend on January 21 and surged to $0.09046. Nevertheless, the bears took over and caused the price to drop to $0.08468.
Despite recent resistance, DOGE still gained 7.6% last week, placing it among the top 10 weekly gainers.
INJ forms a bullish pennant pattern
Last week, Injective succumbed to the bearish pressure that dominated the cryptocurrency space. The asset hit a high of $41.9 on January 16 following an 11% intraday gain the day before. However, this bullish move was offset by the subsequent correction.
INJ fell for three consecutive sessions from January 16 to 18, with a drop of 8.18% on January 18, the largest drop since January 7.
The continued decline has taken the asset below $37. Injective is currently looking to recover some of its losses, as today it changes hands at $36.2, a gain of 2.25%.
Zooming out, INJ appears to have formed a bullish pennant structure amidst the ongoing consolidation. Notably, the pennant’s pole was formed between December 6 and December 24.
The asset surged 161% from $17.19 on December 6 to a high of $44.89 on December 28, forming a long flagpole.
However, after the $44.89 peak, Injective hit a roadblock, resulting in a mild retracement and subsequent consolidation.
The consolidation continued to spread last week, leading to the formation of a pennant. This structure usually signals a pause in an uptrend and an imminent continuation of the trend.
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