- Dogecoin eyes a rally towards 200-DMA at $0.26 once these key upside barriers are taken out convincingly.
- Decentraland yielded a rising wedge breakdown but poised for a rebound from lower levels.
- Cardano price snaps a two-day downtrend but the renewed upside appears limited by $1.75.
The crypto market is giving back Wednesday’s north-run, as sellers have returned this Thursday, with the granddaddy of cryptocurrencies, Bitcoin, receding back to the $56,000 zone.
Investors turn cautious ahead of the testimonies of crypto exchanges before the US House Committee on Financial Services. CEOs of FTX and Coinbase, Sam Bankman-Fried and Alessia Haas will testify on ‘Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.’
Despite the damp mood, altcoins such as Cardano and Dogecoin are looking to buck the downtrend while MANA buyers are seeking fresh opportunities.
Let’s see how these three DeFi tokens are positioned on the technical graphs.
Dogecoin gathers pace for a fresh upswing after bottoming out at $0.18
Dogecoin has turned south after failing to find acceptance above the $0.2250 supply zone so far this week, although trades 1.70% higher on the day around $0.2150, as of writing.
In doing so, DOGE price is extending its consolidative mode, having stalled the rebound from four-month troughs of $0.18 reached on November 26.
Thursday’s bounce in DOGE price snaps the two-day downtrend, as the bulls defy the downbeat mood seen across the crypto space.
On Dogecoin’s daily chart, the recovery momentum remains capped by the downward-sloping 21-Daily Moving Average (DMA) at $0.2277.
With the 14-day Relative Strength Index (RSI), however, extending its recovery towards the midline, a break above the 21-DMA barrier remains in the offing.
A bull cross confirmed on the said time frame, after the 50-DMA surpassed the 100-DMA from below, adds credence to DOGE’s bullish potential.
A daily closing above the 21-DMA barrier will call for a test of $0.2470, where the 50 and 100-DMAs converge.
Buyers will seek fresh entries above the latter, triggering a fresh upswing towards the bearish 200-DMA at $0.2600.
Acceptance above the all-important 200-DMA is critical to unleashing the additional upside towards the $0.30 round figure.
DOGE/USD: Daily chart
Alternatively, should the renewed uptick lose momentum, then sellers will regain control, knocking down DOGE price back towards the $0.20 support.
A firm break below the latter will put the horizontal trendline support at $0.1903 back to test. The next goal for DOGE bears will be to take on multi-month lows of $0.18.
Don't Miss: 3 Reasons To Buy Dogecoin, And 1 Reason To Sell
Decentraland price is buy on dips circa $3.85 as MANA bulls remain hopeful
Decentraland price is preserving its four-day bearish momentum on Thursday, as the selling interest remains unabated around the DeFi token.
MANA price has lost almost 16% of its value so far this week, as it corrects further away from all-time highs of $5.90 hit on November 25.
However, over the last hours, it seems that MANA bears are catching a breather after the relentless decline.
MANA price is currently trading at $4.33, down about 4.50% over the past 12 hours, looking to find some comfort amid sluggish markets.
MANA price is currently trading at $4.91, down over 4.5% on a daily basis, unable to find comfort from a brief recovery stint seen across the crypto space.
Looking at the 12-hour chart, MANA price remains on track for additional declines towards the upward-sloping 50-Simple Moving Average (SMA) at $3.85 before attempting a rebound. The further room for losses remains on the table, as the RSI still hovers below the midline.
From a broader perspective, the downside breakout from a five-day-old rising wedge formation on Wednesday has exacerbated the pain in Decentraland price.
MANA/USDT: 12-hour chart
If MANA bulls are offered some temporary respite at the 50-SMA level, then an upswing towards the $4.80 region cannot be ruled out. That zone is the confluence of the bullish 21-SMA and the wedge support-turned-resistance.
A 12-hourly candlestick closing above that barrier will expose the weekly tops of $5.23, above which the focus back will be on the record highs.
On the flip side, if the 50-SMA support caves in, then a sharp sell-off towards $2.74 will get triggered. The bullish 100-SMA coincides with the November 16 lows at that point.
Cardano bulls testing bearish commitments at the critical resistance
ADA price is spiking this Thursday, witnessing a fresh buying wave, as the bulls look to embark upon a sustained recovery path from three-month lows of $1.42.
Cardano price is breaking higher from this week’s range, as the bulls test the bearish commitments after having found some support just above $1.50.
ADA buyers are looking to recapture the $2 threshold, contemplating an extension of the rebound.
As observed on Cardano’s daily chart, ADA price is testing the critical upside hurdle at $1.75, which is the intersection of the falling wedge support-turned-resistance and the heavily bearish 21-DMA.
Note that Cardano price confirmed the bearish wedge breakdown in the previous week, triggering a fresh downswing to the multi-month lows.
The latest spike in the no. 6 coin is justified by the uptick in the 14-day RSI. However, it remains to be seen if ADA price sustains the recovery momentum, as the leading indicator still holds below the 50.00 level.
A failure to find a strong foothold above the aforesaid powerful resistance could revive the bearish momentum, calling for a test of the $1.50 range lows.
Further south, ADA sellers will target the levels last seen in early August at $1.36, followed by the $1.30 round figure.
ADA/USD: Daily chart
Alternatively, daily closing above the key $1.75 resistance will offer fresh zest to ADA buying, opening the further upside towards the horizontal 200-DMA at $1.87.
The near-term bearish bias will get negated only a sustained move above the $2 level, where the bearish 50-DMA aligns.