Will Dogecoin (DOGE) & Cardano (ADA) Explode with a 100% Jump as they Test Crucial Levels?
The cryptocurrency market experienced a significant increase in prices recently, driven in part by Ripple’s partial victory over the SEC. This win was seen as a victory for the entire crypto industry and pushed prices above resistance levels. However, the rise was short-lived as major cryptocurrencies began to decline, with the exception of altcoins like Dogecoin, which remains in a bullish trend. Dogecoin is currently testing a crucial support and resistance level, which will be important for the token’s future upward movement.
On the other hand, Cardano’s price is showing diverse price action. After a recent jump, the price experienced a notable pullback, similar to Bitcoin. The price was rejected at the 200-day MA levels and is now testing a crucial support level at $0.3. A solid rebound from these levels could trigger an upward movement towards higher targets.
Currently, Cardano’s price is heading towards daily support at around $0.25. If the price reaches this level, a pump may be expected to lift the price along with the projected upward movement. However, the bearish influence is currently strong, which may prevent a rebound in price. Therefore, a period of extended consolidation and lower support levels could be expected before the price takes its next course of action.
Overall, the crypto market experienced a temporary rise in prices fueled by Ripple’s victory against the SEC. However, major cryptocurrencies saw a decline, while altcoins like Dogecoin remained bullish. Cardano’s price is currently testing crucial support levels and a rebound from these levels could lead to an upward movement. However, the bearish influence may delay this rebound, resulting in a period of consolidation before the next move.