New estimates continue to emerge for the two popular cryptocurrencies Dogecoin (DOGE) and Cardano (ADA). Analyst Tony M. continues to relay his Dogecoin forecasts, while analyst Filip L. shared his expectations for Cardano (ADA).
What are the expectations for Dogecoin price?
According to analyst Tony M., the Dogecoin price is deceiving exiting traders as the bears aim to wipe out their summer gains. According to the analyst, the Dogecoin price will also fall accordingly. DOGE price stock auctions are counted at $0.06 as the bears managed to break the low on July 26. The low at the end of the month was set before a 49 percent rally where the bulls broke out, given a potential 200 percent bull run.
According to the analyst, Dogecoin price would fool the participants of a possible triangle breakout as it reached $0.087 on August 16. It has since brought a 30% market cap loss to the Dogecoin community. In the middle of the breakout, there was a call not to join the excitement as the $0.088 level showed significant smart money participation. “Dogecoin price could be a sucker rally. A short entry may be justified if the bulls fail to hold support above $0.085.
In a nutshell: DOGE crossed the trendline
DOGE price broke through a supportive trendline that provided support for the digital dog coin over the summer. If market conditions continue, an additional 20% drop would likely wipe out trading liquidity below the June 18 low of $0.059. However, trying to continue trading in hopes of clearing the last piece of predicted profit would be quite risky. Weekends tend to witness smart coin liquidations and the DOGE price has no jurisdiction for exemption. It remains above $0.112 to invalidate the bearish thesis targeting the June 18 low of $0.049.
Is September the “worst month” for Cardano?
Cardano (ADA) price action could see the bulls struggling a bit again with a green candle during the week and at the start of a new month. According to analyst Filip L., this indicates that the ADA price cannot close the week above the previous week. Instead, it looks like it will continue to trade in the downtrend, which is pressing the bulls against $0.415. The downside risk comes with the possibility of the Fed stepping up its rate hike plan, triggering an even stronger dollar and adding another wide range to ADA price valuation.
Cardano price does not match this situation and there is a possibility of not trading profitably in this current macroeconomic environment. With still high inflation, fees are eroding as there is little left to spend on cryptocurrencies. The first cycle of this cash drain triggered Cardano price action to drop below $1.00. ADA price is finding a bottom near $0.415 as this level caught a falling blade in May and saw bulls attempt to trigger a bounce from this level this week.
Unfortunately, this leap is not strong enough. As the 55-day Simple Moving Average hangs above price action as a cap, price action looks set to decline further in the coming weeks, with $1 a month first rising above $0.383. Also, if the current dire economic situation continues, $0.75 can be tested by November. A strong signal for the markets could be that Cardano price starts the week with an open above the 55-day SMA, around $0.50.
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