Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday
Dogecoin rose by over 10% in today’s session, as the meme coin closed in on its highest point in almost one month. The token was higher for an eighth consecutive session, while cardano was also in the green, rising for a ninth straight day. Dogecoin (DOGE)
Dogecoin (DOGE) was a notable mover on Wednesday, as the meme coin rallied by over 10% in today’s session.
The meme coin was one of today’s big gainers, as prices rose to an intraday peak of $0.07657.
This surge saw DOGE/USD hit its highest point since June 27, and near a long-term resistance point in the process. DOGE/USD – Daily Chart
As seen from the chart, this ceiling appears to be at the $0.07900 level, which has been in place for the last six weeks.
Although bulls will be looking to overcome this hurdle, price strength seems to have encountered an obstacle of its own.
This lay in the form of the 61.50 level on the 14-day Relative Strength Index (RSI), which hasn’t been broken since late April.
Cardano (ADA)
Wednesday saw cardano (ADA) extend its recent streak, with prices climbing for a ninth consecutive day.
Following a low of $0.4812 during yesterday’s session, ADA/USD raced to a high of $0.546 earlier in the day.
The move resulted in the token hitting its highest level since June 11, when prices were sliding down from $0.6500. ADA/USD – Daily Chart
This surge has seen the world’s seventh-largest cryptocurrency blow past a previous ceiling at $0.5000, and it now looks set to hit another.
Should the surge continue, this new ceiling will be at the $0.5720 mark, which is an area where historical bearish pressure seems to reside.
In order to move onward towards this mark, ADA will first need to see price strength climb above 61 on the RSI indicator.
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Will bears begin to reenter cardano should this ceiling fail to break? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Gold "Clearly Turned Bearish" Says Societe Generale as TD Securities Strategists Expect Further Downside MARKET UPDATES | 9 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Hit Fresh 1-Month Highs, as Bullish Pressure Intensifies MARKET UPDATES | 10 hours ago
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