[DigitalToday reporter Jinju Hong (홍진주)] Dogecoin (DOGE) has entered its weakest technical stretch of the year, while bitcoin is holding major support and showing the potential for a bullish turn, an analysis said. XRP is seen entering a phase of searching for direction as sharp downside pressure eases somewhat.

On Aug. 7, blockchain media outlet U.Today analysed chart moves in three major cryptocurrencies. It cited weakening demand for Dogecoin, reduced volatility in XRP and an improving trend in bitcoin as the main changes.

Dogecoin is maintaining a bearish move. On a daily chart, the price is around $0.069 and remains near recent lows, keeping a declining structure with both lower lows and lower highs. Dogecoin is trading below its 20-day, 50-day, 100-day and 200-day moving averages. The 20-day moving average is showing signs of moving sideways, but the medium- and long-term moving averages still point lower, leaving few signals of a trend reversal.

The 100-day moving average is about $0.083 and the 200-day moving average is about $0.099, leaving a wide gap with the current price. U.Today analysed that until that resistance area is recovered, any rebound in Dogecoin is more likely to be seen as a short-term relief rally than a new uptrend.

Technical indicators also point to weak buying. The relative strength index (RSI) is around 40, just above oversold territory, but it remains below the neutral 50 line. That suggests a lack of active buying participation by investors.

A key short-term support level was cited around $0.068. If that level breaks, the likelihood rises of retesting this year's low. For a rebound, the analysis said Dogecoin first needs to regain the 20-day moving average and then break above the 50-day line near $0.074.

XRP is seeing some easing of downside pressure even within a bearish move. The XRP price is continuing to trade in a narrow range above the psychological support level of $1.

By major moving averages, it still shows a bearish structure. The 50-day moving average is falling near $1.09, while the 100-day and 200-day lines were cited at $1.20 and $1.39, respectively. That suggests more time is needed to judge that the long-term trend has turned higher.

Still, the fact that repeated support was confirmed in the $1.03 to $1.05 range without leading to additional large-scale selling was assessed as a positive signal. Recent candles have shrunk and trading volume has also declined, indicating the market is waiting for direction, it said.

Bitcoin, by contrast, showed a relatively improved move. After moving sideways following a June low, bitcoin held support at $64,000 and showed signs of recovering demand.

Recently, bitcoin has continued to form higher lows than the previous low. The price has also moved above the 20-day and 50-day lines, and the 20-day line has turned upward. RSI is around 53, above the neutral line but not yet in overbought territory. Still, limited increases in volume remain a variable. The analysis said it is hard to say institutional investors' strong conviction has fully returned.

The next key for bitcoin is whether it can break above long-term resistance. If it succeeds in extending gains, it could open room to rise toward the 200-day moving average near $72,500. If it loses the $64,000 support level, it could return to a long-term sideways range.

The cryptocurrency market is showing clearer differentiation by asset. Dogecoin is staying weak amid a lack of buying, and XRP remains in a phase of searching for direction. Bitcoin, meanwhile, is assessed as maintaining relative strength on the back of holding support and a structure of rising lows.