Analysis
Cardano, Cosmos, Dogecoin Price Analysis: 31 January
Cardano was unable to break above $0.367 but the overall trend was still bullish as the candlesticks remained above their 20-SMA and 50-SMA. Cosmos traded close to its immediate resistance and indicated the likelihood of an upward breakout as the indicators flashed bullish signals. Dogecoin cut its losses at $0.024 and was projected to move rangebound on the charts.
Cardano [ADA]
Source: ADA/USD, TradingView
Cardano’s price was rejected at $0.367 once again as the bulls were unable to breach the strong resistance level. The current price action was highlighted by the Chaikin Money Flow
, which showed that capital was drifting away from the cryptocurrency.Despite the capital outflows, ADA is expected to maintain its uptrend as the candlesticks moved above their 20-SMA (blue) and 50-SMA (yellow). The uptrend was also characterized by strong returns of over 100% in the past 30 days. Moreover, the short term bullishness was supported by the Awesome Oscillator, as the green bars were rising in length above the half-line.
Cosmos [ATOM]
Source: ATOM/USD, TradingView
The past seven days were quite volatile for Cosmos. Resistance at $8.6 had rejected ADA multiple times, and buyers had to scramble to lift prices at various support levels in each case. At the time of writing, the price traded close to the aforementioned resistance mark once again.
The MACD ‘s fast-moving line moved well above the signal line and suggested that ATOM could break above the coveted resistance mark this time around. Although the Stochastic RSI traded in the overbought region, a bearish crossover was not imminent and ATOM could trade in the upper region for a few sessions before a reversal takes place. If $8.6 rejects the price yet again, some sideways movement can be expected over the coming sessions.
Dogecoin [DOGE]
Source: DOGE/USD, TradingView
Dogecoin dropped by over 13% since yesterday as selling pressure continued to strain the price. The trading volume dropped to $6 billion, down by over 50% in the past 24 hours. Low trading volume also indicated a highly volatile market for DOGE, which was backed by the width of the Bollinger Bands.
However, DOGE may have found a new support level at $0.024, as the bulls halted the coin’s south-bound move on the charts. Moving forward, DOGE could trade cautiously between $0.031 and $0.024 if the momentum does not shift strongly towards either side. The Relative Strength Index also echoed a similar sentiment as the index moved flat in the neutral zone.
