Dogecoin, Cardano Price Analysis – 16 August
  • Cardano (ADA) trades at a 3-month high at $2.25 but hesitates before testing its ATH.
  • Dogecoin (DOGE) surges to $0.35 but steadies for bulls to gain momentum for upward moves.

The overall cryptocurrency market depicted bullishness over the weekend, resulting in impressive surges. Solana maintained a recovery path, attaining its ATH at $56 after gaining 26% over the past day.

While publishing this content, the total crypto market cap stands around $2.11 trillion. That is an impressive move as the market plunged beneath $1 trillion recently. Meanwhile, it remains 20% away from its highest value this year, standing at $2.6 trillion on 12 May.

Cardano

Cardano has registered consistent upside moves over the past sessions. The coin’s smart contracts news also boosted the asset to its new highs. Investors filled their bags as they celebrated the improvements brought by the Alonzo update launch. Market analysts and speculators suggest that Cardano will surge to $5. That is because the altcoin seems to prove itself as an Ethereum competitor.

While writing this content, ADA trades at $2.13 after correcting from $2.25. Though with the impressive gains, the asset failed to reach its all-time-high at $2.5.

The near-term technical outlook shows correction building up. The RSI depicts a high overbought scenario as it retreats to the neutral territory. That shows sellers accumulating strength after the bullish dominance.

The sell signal highlighted on the MACD supports bearishness in the coming sessions. However, the altcoin can annul the downswing narrative if it holds firmly at the $2 support.

Dogecoin

Dogecoin managed to overpower its stubborn obstacle at $0.3. Although with the sluggish recoveries, the meme currency has recovered almost 118% from its July lows. The bullishness took the coin at $0.35 before DOGE slide towards $0.33.

The MACD supports bullishness for Dogecoin. The crypto has chances to extend its surges over $0.35 due to the buy signal that maintained since July.

If DOGE manages to close over $0.35, it will trigger additions as bulls aim at the $0.5 mark. Meanwhile, the coin requires higher support to sustain its gains and ensure a smooth path for northward movements.

Dogecoin requires the $0.3 support to avoid further corrections. However, if crushed, the canine-themed asset will retest the $0.25 level before bullishness can control the market.

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