Cardano seems ready to make a fix. Dogecoin marks a reversal, but uncertainty shadows its future direction.
Cardano (ADA) price analysis
While Cardano is trading close to its local peak at the time of this writing, a correction for the world’s fifth-largest cryptocurrency could soon occur. A bearish retracement can be confirmed if bearish curves have formed on the 4-hour chart and a candlestick closes below the $ 0.608 resistance. Moreover, the bearish trend in the MACD and the red bars in the Awesome Oscillator are supporting sellers in the short term.
24-hour trade volumes, which contracted by about 20%, also heralded the projected correction. Support levels stand out at $ 0.54 and $ 0.44 in case of a drop. Indeed, a drop towards the second support point could signal the beginning of a downtrend in the short to medium term.
Dogecoin (DOGE) price analysis
Dogecoin has gained another 9% in the last 24 hours and has positioned itself among the top 10 cryptocurrencies of the market with a market cap of over $ 10.3 billion. There has been some sideways movement in the last few sessions as the price traded near the $ 0.082 resistance. The stochastic RSI has been following the oversold zone, while the MACD is on the verge of a bearish trend, hinting that in-chain metrics are reversing. In the event of a drop, the $ 0.054 support could draw attention.
Despite the downward forecast, there is a lot of uncertainty in the market as cryptocurrency seems to be getting more and more attention on social media day by day. The latest addition to the DOGE caravan is Snoop Dogg. If the buying spree continues in the coming days, all bearish predictions could be shattered.