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Cardano, Synthetix, Dogecoin Price Analysis: 18 January

Saif Naqvi

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Source: Pixabay

Cardano could lose the $0.36 support and head towards the next barrier if sellers take control. While Synthetix managed to cut losses at $14.63, and the bulls could help maintain the price above this level and Dogecoin traded within a thin channel and a breakout above the upper ceiling seemed unlikely.

Cardano [ADA]

Source: ADA/USD, TradingView

After snapping a local high of $0.399, Cardano’s price stabilized as it traded just below its upper ceiling. At press time, the world’s sixth-largest cryptocurrency was trading at $0.38, up by 1.8% in the last 24 hours. While an extended bullish rally could see the price surge to new local highs, the indicators suggested that buying pressure was losing momentum. A correction could see prices fall towards $0.339 support and confirm a bearish cycle.

The Stochastic RSI moved downwards from the overbought region and signaled a pullback towards the immediate support mark.

The Awesome Oscillator registered a single point of bearishness and suggested that the bullish momentum was losing steam.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix found support at $14.63 after dropping by over 10% since hitting its all-time high. The next few sessions could see the price trade close to its immediate support, barring a broader market pullback. A bearish scenario could see the price test the next line of defense at $13.41.

The Chaikin Money Flow highlighted SNX’s surge since the start of the month, as the index rose in tandem with the price. Currently, CMF stabilized just above the equilibrium mark and indicated that capital inflows could prevent a southbound move on the charts.

On the other hand, the MACD showed that bearishness was on the rise, as the red bars on the histogram increased in length.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

At press time, Dogecoin saw little change as it was trading at $0.0091, up by 0.65% in the past 24 hours. The last few days have seen prices consolidate between $0.009 and $0.008 as momentum shifted between the buying and selling side. The said consolidation could continue in the coming days and a breakout above immediate resistance seemed unlikely unless the broader market pushes DOGE upward on the chart.

The Bollinger Bands showed low volatility in price as the bands were compressed. This also suggested that the price could trade between a constricted channel in the near future.

The Awesome Oscillator was bearish-neutral and sided with neither the bulls nor the bears.

 


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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.