Dogecoin was projected to move sideways within its current channel over the short-term. Polkadot moved to a region of demand but gains could be capped as the price traded below its 200-SMA. Finally, Binance Coin lacked the volumes to break above its overhead resistance at $274.8.
Dogecoin [DOGE]
Source: DOGE/USD, TradingView
Year-to-date gains on Dogecoin have been strong at 843% and while the popular ‘meme coin’ is still 62% off from its ATH, it has managed to stabilize at higher levels compared to its January 2021 price. At the time of writing, DOGE moved between the channel $0.056 and $0.052 after a bounce-back over the last few sessions. RSI suggested that the cryptocurrency was actually undervalued at $0.049, which led to a higher level.
As RSI settled around 50, ADX moved south from 25 and showed a weakening trend in the market. With the 24-hour trading volumes down by 2%, the price may enter a period of consolidation between its present channel. If bearish cues were to reflect in DOGE’s price, $0.046-support could be in focus in such a scenario.
Polkadot [DOT]
Source: DOT/USD, TradingView
The region above $28 has served as a strong area of support for Polkadot, and the same level was called into action once again during the latest pullback as well. At press time, DOT settled just above the $32.4-mark, a zone that has also pushed prices north during the month of March. However, with the candlesticks moving below their 50-SMA (blue) and 200-SMA (green), bullish movement could be restricted over the coming sessions.
Stochastic RSI showed a bearish crossover in the upper zone, while MACD’s histogram noted a dip in momentum, even though the fast-moving line traded above the Signal line. Short-term target for the bulls lay above $35.1-resistance, a level that coincided with both moving averages.
Binance Coin [BNB]
Source: BNB/USD, TradingView
Binance Coin found support at $230.1 and showed bullish price action as it approached the $255.2 upper ceiling. Awesome Oscillator eyed a move above the half-line and showed positive momentum behind BNB’s recovery. However, CMF showed strong capital outflows after the price fell below the $255-level. The index failed to register a comeback above the half-line and settled below it at the time of writing.
Stronger cues were needed to back a rise above the next ceiling at $274.8. A pickup in trading volumes could be the signal for an upwards breakout over the coming sessions.
