Dogecoin, Shiba Inu, and XRP prices remained under pressure as the weekend surge faded amid profit-taking. DOGE token dropped to the key support level at $0.1, while SHIB fell to $0.0000065. XRP also dropped to the key support level at $1.50. This article explores the top predictions ahead of the upcoming FOMC minutes and the ongoing Chinese Lunar New Year.
FOMC Minutes and Lunar New Year
The main catalyst for Bitcoin and altcoins such as Dogecoin, Shiba Inu Coin, and XRP is the upcoming Federal Open Market Committee (FOMC) minutes, which will be released on Wednesday this week. These minutes will provide additional information about the last meeting and what to expect in the upcoming meetings.
The minutes were released a few days after the Bureau of Labor Statistics (BLS) reported that consumer inflation had moved closer to the Federal Reserve’s 2.0% target. In addition to the FOMC minutes, several Fed officials, including Raphael Bostic, Michele Bowman, and Neel Kashkari, will speak and provide hints about the next meeting.
READ MORE: Internet Computer’s ICP Price Forms a Large Double Bottom as Whales Buy
Another key catalyst for the prices of Dogecoin, Shiba Inu Coin, and XRP is the ongoing Lunar New Year, which has partially contributed to the decline in futures open interest. SHIB’s open interest has dropped to $75 million from the year-to-date high of $115 million. XRP’s open interest has dropped to $2.54 billion from $3.7 billion, while Dogecoin has dropped to $1.1 billion.
XRP Price Prediction: Technical Analysis
The daily timeframe chart shows that the XRP price has come under pressure in the past few days, moving from the weekend high of $1.6688 to the current $1.4900.
Ripple price has remained below the key resistance level at $1.8077, its lowest level in October, November, and December last year. It has also formed a gravestone doji candlestick pattern, which is made up of a long upper shadow and a small body.
XRP price has remained below all moving averages. Therefore, the most likely scenario is where it resumes the downtrend and reaches a low of $1.110, its lowest level in February this year.
XRP will drop despite the ongoing bullish catalysts, including the Ripple USD (RLUSD) growth and the upcoming Permissioned DEX platform launch.
Dogecoin Price Prediction: Technical Analysis
The ongoing Dogecoin price is consistent with BanklessTimes’ prediction on Sunday, as its recovery accelerated. It has remained below the key support level at $0.1296, its lowest level in April last year.
Dogecoin has remained constantly below the 50-day and 200-day Exponential Moving Averages for a few months after it formed a death cross pattern.
Most importantly, as the chart below shows, the coin has formed a large head-and-shoulders pattern, indicating further downside in the coming months.
Shiba Inu Coin Price Technical Analysis
The three-day chart shows that the coin has remained in a bear market in the past few months. It has dropped to $0.0000064, much lower than last year’s high of $0.00004578.
The coin has formed a descending channel and is slightly above the lower side. It has moved below the Ichimoku cloud indicator.
Therefore, the most likely scenario is a rebound to the 50-day Exponential Moving Average at $0.0000087. A move below the lower boundary of the channel indicates further downside.
READ MORE: Solana Price Prediction: Growth Continues, But Risks Point to $50 Decline
