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Cardano, Dogecoin, VeChain Price Analysis: 30 January



Source: Pixabay

Cardano’s price may have been weakened by capital outflows as the price moved southbound and close to $0.339 support while Dogecoin witnessed strong selling pressure as the price tumbled by over 40% in the past 24 hours. However, VeChain could move within its fixed channel if momentum fails to sway in either direction.

Cardano [ADA]

Source: ADA/USD, TradingView

After failing to flip a strong resistance level of $0.367, Cardano moved lower towards its immediate support. At press time, the world’s sixth-largest cryptocurrency by market cap Cardano was trading $0.341, down by 1.2% in the last 24 hours. The Chaikin Money Flow suggested that capital outflows may have accentuated the losses, as the index moved below the half-line.

Despite the recent fall, the bulls could hold on to the current support as the bearish momentum did not seem strong in the market. The Relative Strength Index settled in the neutral zone and did not side in either direction. On the other hand, a move above $0.367 resistance could indicate the onset of a bullish cycle.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin’s honeymoon period seems to have been cut short as heavy selling pressure led to losses of over 30% since yesterday. The On Balance Volume indicated the aforementioned selling pressure after a buying frenzy over the past couple of days boosted the coin to record levels on the charts. The Awesome Oscillator also noted a shift of momentum towards the bearish side.

The fall over the past 24 hours diminished its market cap by nearly $2 billion, which accounted for a third of its total value. However, the overall trend was still bullish, as the price remained well above the 50-SMA (blue) and 200-SMA (green). If losses are cushioned at $0.031 some new levels of support could be found on the charts. Either way, the next couple of sessions will add more clarity to the future direction of DOGE.

VeChain [VET]

Source: VET/USD, TradingView

VeChain saw little change in comparison to yesterday, as the cryptocurrency traded at $0.027, down by 1.3% in the past 24 hours. On the charts, the price was at the mid-point of its immediate resistance and support but some bearish momentum was noted in the market. The Awesome Oscillator registered some bearish momentum and the Stochastic RSI pointed lower from the neutral zone.

A strong shift of momentum towards the sellers could see the price move downwards, closer to its immediate support mark. If the momentum remains relatively neutral, VET could continue to consolidate between its present channel.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.