Cardano, ICP, Dogecoin Price Movement Analysis for 29th May, 2021

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In the event of a descending triangle collapse, Cardano faced a 20% drop. In the following sessions, ICP might go to the demand zone of $111-$85. Finally, a lack of purchasing demand may force DOGE to give up $0.291 to the sellers.

Cardano [ADA]

Cardano’s short-term trajectory will be plagued by a slew of red flags. The first was the development of a descending triangle, which is typically seen as bearish. Second, ADA fell below its EMA Ribbons, and the compressed shape of these bands showed that a pullback phase was underway. In the event of a failure, ADA might incur damages of up to $1.31. This would represent a 20% drop from the bottom trendline. Bulls would need to attempt a rise above $1.58 and its 200-SMA to break this pattern and avert another sell-off (green).

The downturn of the MACD lent weight to a bad conclusion moving ahead, despite the fact that its histogram showed some diminishing negative momentum. Even RSI’s lower highs indicated weakening.

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Source: ICP/USD, TradingView

After the quick buy phase on May 20 increased ICP by about 100 percent in a single day, the cryptocurrency was unable to maintain its higher level. The Awesome Oscillator has mostly traded below the equilibrium zone since then, as negative momentum has been consistent over the last week. Even while bullish momentum was detected at some levels, it was insufficient to justify a price increase.

Given the lack of buying pressure, it was unsurprising to see ICP post lower highs on its hourly chart. At the time of publication, ICP was trading around $111.209, barely over its demand zone. Buyers might return inside the channel depicted on the chart if there is a collapse. A break below this channel, on the other hand, would almost certainly result in greater losses in the future. The RSI is approaching the oversold zone, although a reversal from the lower level is possible.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

At the time of writing, Dogecoin was still trading above the strong support line of $0.291, although bearishness remained in the market. A sequence of white dots appeared on the Squeeze Momentum Indicator, indicating a ‘squeeze release.’ If losses worsen in the next sessions, DOGE may break south from a falling triangle and go towards the goals outlined in the study.

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DOGE might potentially fall to the $0.094-$0.143 defensive level if the outcome is exceedingly negative. Despite the fact that the OBV has been on a flat line since early May, there has not been enough purchasing pressure in the market to keep DOGE at higher levels. This was a concerning indicator as we moved on.


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