Recent Bitcoin price hikes have helped altcoins
Cardano looks ready for a correction to the price charts, with its indicators flashing red signals advancing. NEO was on its way to rise above the $ 30 mark at the back of a broader bull market. Finally, DOGE indicators pointed to a reversal, but uncertainty blurred its future direction.
Source: ADA / USD, TradingView
Even though Cardano was being traded near its local high at the time of this publication, a major correction hovered over the world’s fifth largest cryptocurrency. The bearish tops have formed on your 4-hour chart and a bearish retracement can be confirmed if the candle closes below the $ 0.608 resistance. In addition, a bearish cross on the MACD and red bars on the Awesome Oscillator supported sellers in the short term.
24-hour trading volumes, which fell by around 20%, also acted as precursors to the projected correction. Support levels are found at $ 0.54 and $ 0.44 in the event of a fall. In fact, a fall towards the last support point would signal the beginning of a bearish trend in the short to medium term.
Source: NEO / USD, TradingView
Neo rose to a local high of more than $ 29 based on bullish signals from the broader market, a level that was last seen in August 2018. Chaikin Money Flow recorded strong capital inflows in the cryptocurrency market . The CMF, along with healthy trading volumes and an increase in buying activity, suggested that NEO could snap up the $ 30 mark in the coming sessions.
Market skepticism arose from the fact that the Relative Strength Index was pointing down in the overbought region. A move towards oversold territory could cause NEO to fall close to the $ 25 support in the short term.
Source: DOGE / USD, TradingView
Dogecoin saw an additional 9% rise in the past 24 hours and positioned itself among the top 10 currencies in the market, with a market capitalization of more than $ 10.3 billion. Some lateral movement has been seen in the last few sessions, with the price being traded close to the $ 0.082 resistance. The chain metrics suggested a reversal, as the MACD was on the verge of a bearish cross, while the stochastic RSI is eyeing the oversold zone. In the event of a fall, the $ 0.054 support may come under the spotlight.
Despite the bearish forecast, however, there was a lot of uncertainty in the market, as the currency seemed to be attracting more social media attention every day, with the latest addition to the DOGE movement being Snoop Dogg. All downside forecasts can be negated if the buying wave continues in the coming days.