An approaching event on the technical charts is stirring sentiment around Dogecoin: the impending crossover of the 50 and 100 day EMA. While EMA crossovers are common technical events that can indicate trend reversals, they are not definitive price patterns and can sometimes lead to misinterpretations in the market.
An approaching event on the technical charts is stirring sentiment around Dogecoin: the impending crossover of the 50 and 100 day EMA. While EMA crossovers are common technical events that can indicate trend reversals, they are not definitive price patterns and can sometimes lead to misinterpretations in the market.
Dogecoin is currently flirting with this possible EMA crossover, which could introduce volatility into the market. If the 50-day EMA crosses below the 100-day EMA, traditionally known as a “death cross”, it could be perceived as a bearish signal, which could lead to an increase in selling pressure. Conversely, if the 50-day EMA crosses above the 100-day EMA, often referred to as the “golden cross,” it could be seen as a bullish indicator.
Looking at the price chart, Dogecoin remains above the key support level at $0.080. This level has acted as a solid base in recent times and a sustained hold above it is crucial to maintain the current trend.
On the upside, resistance lies near $0.0845, where previous attempts to rise have been rejected. A decisive break above this resistance could pave the way for further growth, which could lead to a test of the psychological barrier of $0.090.
Cardano’s new local high is just around the corner
Cardano is getting closer to reclaiming its 2023 peak price levels. Currently, ADA is eyeing the $0.65 to $0.70 range, a zone that last year symbolized the pinnacle of its market value. Such a rise not only increases profitability for early investors but also enhances Cardano’s appeal as a promising asset within the crypto ecosystem.
ADA’s latest price movements reflect solid momentum, with the token’s value steadily rising. The price action is decidedly bullish as it is now testing resistance levels established last year. A breakout above this range could signal a new era of confidence and growth for Cardano, which could lead to an influx of investor interest and capital.
The drivers of ADA’s growth are multifaceted and may arise from the continued development of decentralized finance (DeFi) solutions on the Cardano network, as well as a general uptick in market sentiment towards altcoins.
Solana’s hidden potential
Currently, Solana is displaying intriguing chart patterns that suggest hidden growth potential. An inspection of the price movement of SOL against Ethereum reveals what appears to be an inverse double bottom pattern, a formation typically associated with bullish reversals. This pattern, often seen as a sign of the end of a downtrend and the beginning of an upward trajectory, indicates that Solana could be preparing for a significant rally.
Despite the formation of a local double top, which some may interpret as a bearish signal, the broader interpretation of the chart suggests that this does not necessarily negate the bullish potential of the inverse double bottom. In fact, the double top may introduce a short-term resistance level, but it does not exceed the potential indicated by the double bottom.
Currently, Solana is trading near a critical point where the 50-day moving average converges with a notable support level. This support is crucial to maintaining the bullish outlook and is located around the 0.0038 ETH mark. If Solana were to hold above this level, it would confirm the strength of support and could act as a springboard for future gains.
On the resistance side, the level to watch closely is at the 0.0040 ETH mark, lining up with the peak of the recent double top. A break above this resistance could validate the inverse double bottom pattern and set the stage for a stronger upward move. The next key resistance would likely be at the 0.0042 ETH level, where previous attempts to advance were thwarted.
