There is a tough battle going on between Cardano and Dogecoin, here’s what will happen to each of these coins in the near future.
The altcoin sector has been buzzing with activity over the past few weeks and currently, both Cardano (ADA) and Dogecoin (Doge) are engaged in a tough battle for the eighth position in the top ten crypto list.
Over the past week, both of these altcoins have gained more than 10%, showing strength. Let’s take a look at how both these cryptocurrencies have been performing recently.
Cardano (ADA) Performance
As of press time, Cardano’s ADA The cryptocurrency is trading up 2.09% at a price of $0.2996 and a market cap of $10.55 billion. Over the past week, Cardano price struggled to overcome the 200-day EMA, which is currently near $0.3. Daily candlesticks with long-wick rejection signal significant overhead supply, which thwarts buyer attempts to drive the asset higher.
If the selling pressure persists, ADA price may experience a minor retracement to regain the exhausted bullish momentum. The Fibonacci Retracement tool highlights potential support levels at $0.284 (23.6% Fib) and $0.276 (38.2% Fib) for a strong recovery attempt.
Holding these levels may enable buyers to retest the psychological barrier at $0.3, which is closely aligned with a well-established resistance trend line. Investors should exercise caution here, as failure to break this double resistance could signal a turning point for sellers to regain control.
With a daily RSI of 78%, there is a clear sign of strong bullish momentum, but it also raises the possibility of the asset approaching overbought conditions.
Dogecoin (DOGE) Price Action
As of press time, Dogecoin (Doge) is trading at $0.069 with a market cap of $10.55 billion. Renowned cryptocurrency analyst Ali Martinez has reported that Dogecoin (DOGE) is displaying encouraging signs as it breaks free from the multi-year descending triangle visible on his weekly $DOGE chart. The optimism surrounding DOGE is further bolstered by the TD Sequential indicator indicating a buying opportunity within this time frame.
#dogecoin Shows promising signs, breaking out of a multi-year descending triangle $DOGE Weekly Chart! The buy signal is confirmed by the TD Sequential indicator within this time frame #Doge Bullish outlook. pic.twitter.com/ao7VXyxaEa
– Ali (@ali_charts) 29 October 2023
Examining the daily time-frame chart, it is clear that Dogecoin price is aiming for a 20% recovery from its current levels. This is in line with a previous report from Coinagep, which highlighted the emergence of a bullish “double bottom” pattern amid Dogecoin’s sideways movement. The broader market resurgence supports this price action, pushing DOGE to its current trading price of $0.69.
While the current rally seems strong, Dogecoin faced a small hurdle when it reached the resistance level at $0.075. Holding positions above the minor support level at $0.067 could create an opportunity for buyers to extend the recovery by an additional 20% with the aim of reaching the neckline of the pattern at $0.085.
A potential breakout beyond this barrier would provide strong confirmation for buyers to extend the ongoing recovery to $0.1.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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