Cardano, Aave, Dogecoin Price Movement Analysis for 18th April, 2021

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Cardano needed to break through the $1.23 resistance level to restore bullish power. Aave attempted a comeback over the $372.8 resistance level, while Dogecoin pushed inside a symmetrical triangle, but a breakout would rely heavily on wider market cues.

Cardano [ADA]

Prior to the recent rapid pullback, Cardano made three lower peaks on the 4-hour timeline, indicating some deterioration in market momentum. A larger altcoin sell-off may have just exacerbated ADA’s incoming losses, as the market fell all the way to $1.13 support. Now trading below the 200-day simple moving average (green), ADA faced an uphill challenge to reclaim the market from the bears. The first hurdle was resistance at $1.23, which coincided with the 200-SMA.

According to the Awesome Oscillator, momentum was still with the bears; nevertheless, the RSI changed course from the oversold area as the bulls holding on to the press-time support and stopped a further breakdown.

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Aave [AAVE]

Source: AAVE/USD, TradingView

Aave cushioned its gains at the defensive line of $343 and managed to recover above the upper limit of $372.8. The previously listed resistance has proved to be a dependable basis for purchasing action, and converting it to help could make for a recovery towards $421.6.

At the time of publication, the RSI had recovered from the bottom area and was aiming for a leap above 40. As capital outflows outpaced capital inflows, the Chaikin Money Flow fell below the half-line. This could put even more pressure on a recovery effort. In the event of a southward move, another solid area of support may be seen at $301.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Unlike several other altcoins, Dogecoin seemed to have weathered the sell-off storm, with losses being small in recent sessions. In reality, at the time of writing, DOGE was the only altcoin in the top ten that was trading in green.

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DOGE created a symmetrical triangle on the 4-hour scale, and although a breakout to the upside is normally predicted due to the previous uptrend, the wider market momentum will largely influence its short-term movement.

If the wider market rebounds, an upward breakout could see DOGE smash through the $0.39-resistance and even reach the $0.5-level. In a bearish case, the price could plummet to $0.143 or lower. The RSI remained in the bullish zone above 60, but momentum had shifted to the bears, according to the Awesome Oscillator.


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