Cardano (ADA) and Dogecoin (DOGE) Engage in Tight Battle for 8th Spot
With Cardano and Dogecoin engaged in a tight battle, here’s a look into what each of these coins are up to in the near term.
The altcoin space has been buzzing with activity over the past few weeks and currently, both Cardano (ADA) and Dogecoin (DOGE) have been engaged in a tight battle for the 8 spot in the top ten crypto list.
Over the last week, both these altcoins have delivered over 10% gains, 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 cryptocurrency is trading 2.09% up at a price of $0.2996 and a market cap of $10.55 billion. In the past week, Cardano’s price struggled to surpass the 200-day EMA, currently positioned near $0.3. Daily candlesticks with long-wick rejections indicate significant overhead supply, thwarting buyer efforts to drive the asset higher.
If selling pressure persists, ADA’s price might experience a minor retracement to regain 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.
Maintaining these levels could enable buyers to retest the psychological barrier at $0.3, closely aligned with a well-established resistance trendline. Investors should exercise caution here, as a failure to breach this dual resistance may signal a turning point for sellers to regain control.
With a daily RSI of 78%, there’s a clear sign of robust bullish momentum, but it also raises the possibility of the asset nearing overbought conditions.
Dogecoin (DOGE) Price Action
At press time, Dogecoin (DOGE) is trading at $0.069 with a market cap of $10.55 billion. Noted cryptocurrency analyst Ali Martinez has pointed out that Dogecoin (DOGE) is displaying encouraging signs as it breaks free from a multi-year descending triangle visible on its weekly $DOGE chart. The optimism surrounding DOGE is further underpinned by the TD Sequential indicator signaling a buying opportunity within this time frame.
#Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the $DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces #DOGE bullish outlook. pic.twitter.com/ao7VXyxaEa
— Ali (@ali_charts) October 29, 2023
Examining the daily timeframe chart, it’s evident that Dogecoin’s price is aiming for a 20% recovery from its current levels. This aligns with the earlier report from CoinGape, which highlighted the emergence of a bullish “Double Bottom” pattern amidst Dogecoin’s sideways movement. The broader market resurgence supports this price action, pushing DOGE to its present trading value of $0.69.
While the current rebound seems robust, Dogecoin faced a minor obstacle upon hitting resistance at $0.075. Sustaining its position above the modest support level of $0.067 could create an opportunity for buyers to expand the recovery by an additional 20%, with the goal of reaching the pattern’s neckline at $0.085.
A potential breakthrough further beyond this barrier would provide buyers with stronger confirmation to extend the ongoing recovery toward $0.1.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
