Cardano, Dogecoin Price Analysis: August 16, 2021
The cryptocurrency market continued with the bullish outlook into the weekend, culminating in impressive gains. Solana gained more than 26% in 24 hours to trade a new all-time high at $56, a move that has seen the token chart its path into price discovery.
Crypto assets currently have a collective market capitalization of around $2.11 trillion, an incredible improvement from the recent drop below $1 trillion. However, it is less than 20% from the 2021 peak of $2.6 trillion achieved on May 12.
Cardano’s rally has been impressive and consistent, mainly bolstered by the news of the smart contracts last week. Investors celebrated the development that came with the launch of the Alonzo upgrade by filling their bags. Speculators and analysts expect Cardano to rise to $5 as it becomes a formidable Ethereum competitor.
At the time of writing, ADA is trading at $2.13, following a correction from $2.25. While the uplift was majestic, it did not make it to Cardano’s record high of $2.5.
Meanwhile, a correction seems to be gaining traction according to the short-term technical picture. The Relative Strength Index (RSI) is highly overbought and currently retreating toward the neutral zone. In other words, sellers are getting back in action after the persistent battering from the bulls.
The bearish outlook may be accentuated by a sell signal from the Moving Average Converge Divergence (MACD) in the coming sessions. However, ADA can avert the potential downswing if support at $2 holds firmly.
ADA/USD 12-hour chart
Dogecoin finally made it above the stubborn barrier at $0.3. Despite the seemingly sluggish recovery Dogecoin has had, it has recovered nearly 118% from July lows. The bullish leg touched $0.35 before DOGE correction to $0.33.
The trend is primarily bullish according to the Moving Average Convergence Divergence (MACD) indicator. With a buy signal sustained since July, Dogecoin will likely continue the uptrend above $0.35
A daily close above $0.35 may trigger more gains as bulls shift the focus to $0.5. Nonetheless, higher support is crucial for sustaining the accrued gains and paving the way for more action north.
DOGE/USD 12-hour chart
Support is expected at $0.3 to prevent Dogecoin from correcting further. However, if shattered, DOGE will gain the momentum to retest $0.25 before bulls stage another recovery mission.Source