The crypto market is experiencing a general decline: both DOGE and XRP are technically bearish, with key support levels under pressure.

The cryptocurrency market continues to pull back, with the total market capitalization falling below $3.9 trillion, and the fear and greed index plunging into the neutral zone. This article focuses on the leading decliners DOGE and XRP, conducting a depth analysis on their RSI, ADX, and moving average system from a technical perspective, indicating that both have further downward risks in the short term, and outlines key support and resistance levels for investors, examining the future direction of Crypto Assets.

Market Overview: Comprehensive Pullback, Risk Aversion Sentiment Rising The Crypto Assets market continues to decline, cooling off from the hot July. Bitcoin has fallen again today, hitting a nearly three-week low and setting the tone for this round of decline. However, two mainstream coins have suffered particularly heavy blows today: DOGE and XRP.

The total market capitalization plummeted by 3.4% today, falling below $3.9 trillion, just weeks after setting a historical high of over $4.2 trillion. As is to be expected with such a decline, trading volume has nearly dried up, down nearly 7% today to $180 billion. This sell-off comes as the market prepares for Federal Reserve Chairman Jerome Powell's key speech on Friday in Jackson Hole, where any unexpected hawkish remarks could trigger further falls.

Traditional markets also reflect the same shift in sentiment, but the riskiest assets are performing worse. The Crypto Assets Fear and Greed Index has plummeted to a neutral zone of 53 points, a significant drop from last week's greed reading of 60 points. This indicates that bullish momentum is rapidly fading, and market participants are becoming increasingly risk-averse.

The two coins that have seen the most explosive growth in the past few weeks are now experiencing the consequences of a sudden halt: one is the highly volatile meme token DOGE, which is favored by Elon Musk, and the other is XRP, which is associated with Ripple and surged in value earlier this year due to a favorable regulatory environment.

Has the bottom arrived? Sorry, traders, the charts suggest the pain is not over yet. The reasons are as follows:

DOGE Analysis: Technical Indicators Turn Bearish

(Source: TradingView) The price trend of DOGE today tells a brutal story of a failed breakout and a series of liquidations. After testing the key support level of $0.211 during the day, it saw a slight rebound, but the damage has been done. Short-term technical indicators depict an increasingly bearish outlook.

• Relative Strength Index (RSI): Currently at 41, indicating that momentum has clearly turned negative. Below 50 indicates that sellers are dominating the market, but a reading of 46 suggests that selling pressure is still accelerating before breaking below the oversold state of 30.
• Average Directional Index (ADX): Currently at 17 (below 20), indicating that DOGE is in a no-trend state, with momentum fading, which often leads to a prolonged sideways movement to a fall, gradually eroding investor confidence.
• Exponential Moving Average (EMA): The current price has fallen below the 50-day EMA and is very likely to break below the 200-day EMA. The extremely close proximity of the 50-day EMA and 200-day EMA forms a compression zone, indicating that the previous Golden Cross may have been a false start.

The token is currently within a symmetrical triangle, and the consolidation may last throughout September. September is usually unfavorable for the market. Key Price Level:

• Immediate support: $0.20 (psychological barrier and previous consolidation level)
• Strong support: $0.140 (important Fibonacci pullback level)
• Immediate resistance: $0.23 (weak resistance zone)
• Strong resistance: $0.25 (upper edge of the triangle pattern)

XRP Price Analysis: Losing Key Psychological Defense Line

(Source: TradingView) The XRP chart reveals a similar collapse, and the importance of losing the key psychological support level of $3.00 during the day is self-evident, as this position often acts as a magnet for stop-loss orders and margin calls. Predictive market data shows that the probability of a bullish move to $4 has significantly decreased from 75% to 54%. The chart indicates that the shift in bearish sentiment is well-founded.

• Relative Strength Index (RSI): Currently at 43, in a clear bearish zone. An RSI below 45 typically indicates a market structure shift from bullish to bearish. It is currently in the "death zone" of 30-45, likely to experience the most painful downward trend.
• Average Directional Index (ADX): A reading of 23 indicates that the excessively bullish trend over the past few weeks is struggling to maintain momentum. If the price continues to fall and the ADX rises above 25 in the subsequent periods, it will confirm the formation of a bearish trend.
• Exponential Moving Average (EMA): The EMA system is forming a golden cross (50-day EMA crossing above the 200-day EMA), which is usually a classic bullish signal. However, the current price is trading below the 50-day EMA, increasing short-term selling pressure.

Key Price Level:

• Immediate support: $2.75 (200-day EMA and resistance from 5 months ago)
• Strong support: $2.34 (main level support in the accumulation zone for the second quarter)
• Immediate resistance: $3.2 (triangle resistance)
• Strong resistance level: $3.39 (broken triangle pattern)

Conclusion: Overall, the Crypto Assets market is under pressure ahead of macro events (Jackson Hole meeting), with DOGE and XRP becoming hard-hit due to previous large gains and weakening technical structures. Both have RSI indicating bearish dominance but not reaching oversold conditions, while ADX suggests a decline in trend momentum, implying that the market may face a difficult period of "stealth decline" or chaotic fluctuations. For investors, DOGE price prediction and XRP support level assessments need to be particularly cautious, with close attention to the gains and losses of the aforementioned key price levels. Before the overall market sentiment shifts to "fear," bottom-fishing still requires patiently waiting for clearer technical reversal signals and external catalysts to resonate.