DOGE, ADA, and HYPE show Signs of Potential Upside as Key Support levels Hold
Cryptocurrency markets are exhibiting signs of renewed buyer interest as major digital assets like Dogecoin (DOGE), Cardano (ADA), and Hyperliquid (HYPE) have bounced off critical support levels. This resilience suggests a potential shift in momentum, though resistance points remain in play.
DOGE Eyes Breakout Above $0.29 Amidst Demand at Lower Levels
Dogecoin (DOGE) has shown strength by rising from its 20-day Simple Moving Average (SMA) of $0.22 on Friday, indicating demand at these lower price points. However, the cryptocurrency is encountering selling pressure around the $0.26 mark,suggesting that sellers are active at higher levels. Shoudl DOGE fall back below the 20-day SMA, it could remain range-bound between $0.14 and $0.29 for an extended period. A decisive move above $0.29 is crucial for buyers to gain control and perhaps initiate an upward trend towards $0.35 and a pattern target of $0.44.
Cardano Rebounds from Support,Targeting $0.94 and Beyond
Cardano (ADA) has also experienced a rebound from its 20-day SMA, currently at $0.78.The cryptocurrency is now facing resistance at the upper boundary of $0.86.The upward trajectory of the 20-day SMA and the Relative Strength Index (RSI) being in positive territory favor the bulls. A triumphant breach above $0.86 could propel ADA towards $0.94. While sellers are expected to defend the $0.94 level, a sustained bullish push could see ADA target $1.02 and later $1.17.Conversely, a failure to hold above the 20-day SMA would shift the short-term advantage to sellers, potentially leading to a decline towards the 50-day SMA at $0.67.
hyperliquid Finds Footing on Ascending Channel, Eyes $50 Resistance
Hyperliquid (HYPE) has bounced off the support line of its ascending channel pattern, signaling buying interest during price dips. The cryptocurrency is currently facing resistance at the 20-day SMA, which stands at $45.06.A break above this level could lead to an advance towards $48 and then $50.Sellers are anticipated to mount strong defense around the $50 mark. Though, if HYPE falters and drops below the 20-day SMA, sellers will likely attempt to push the price below the ascending channel’s support line, potentially triggering a deeper correction towards $36 and then $32.
This article does not constitute investment advice. All investment and trading activities involve risk, and readers should conduct their own thorough research before making any decisions.
