0

Top 3 Trending Cryptocurrencies Cardano, Stellar, Dogecoin: DOGE Kicks off April with a Bang

6 Min Read
Last Updated April 1st 2021
  • Cardano needs to crack this powerful resistance to unleash a rally towards the $1.4 mark.
  • Stellar looks to recapture the 50-DMA barrier as bullish RSI suggests more gains in the offing.
  • Dogecoin targets $1.0 mark after the big technical breakout on 1D chart after the March decline.

Having witnessed a crash in the world’s most widely-traded cryptocurrency, Bitcoin, after liquidation of $600 million worth of leveraged longs, the crypto bulls are regaining strength across the board.

The tide seems to have turned in favour of the DeFi tokens starting out in April. Some of the most favourite coins, including Cardano, Stellar Lumens and Dogecoin, brace for a massive upswing.

Cardano looks attractive after the encouraging news from a blockchain development and research company, IOHK, citing that the Cardano block production was fully decentralized. This implies that the Cardano blockchain could be likely called “Ethereum killer”.

Meanwhile, the Shibu Inus-inspired digital asset, Dogecoin, skyrocketed earlier on after it took cues from the latest tweet by the founder of Tesla Inc, Elon Musk. SpaceX CEO tweeted on Thursday that the aerospace company plans to put "a literal Dogecoin on the literal moon."

How are these hot cryptocurrencies positioned on the technical graphs?

Cardano: Awaits a Symmetrical Triangle Breakout as Technical Setup Screams Buy

The ADA bulls are gearing up for a big break to the upside after consolidating in an extremely narrow range so far this week.

The ADA/USD pair is trading directionless this Thursday, forming a Doji candlestick on the daily chart. The price keeps Wednesday’s recovery mode intact, as the bulls are fighting for control after recapturing the critical 21-daily moving average (DMA) at $1.1675.

The 14-day Relative Strength Index (RSI) trades flattish but holds comfortably above the central line, pointing to an extension of the recent rebound.

Therefore, the ADA buyers seem to be waiting for a daily closing above the falling trendline resistance at $1.2605, which will validate a two-week-old symmetrical triangle breakout.

The next stop for the bulls is aligned at the March 26 high of $1.3442. Only a sustained move above the latter could call for a test of the $1.40 psychological magnate.

ADA/USD: Daily chart

A daily closing below the 21-DMA support could recall the sellers, with eyes set on the upward-sloping 50-DMA at $1.1143.

If the downside pressure intensifies, a test of the triangle support at $1.0713 is likely to be inevitable.

Acceptance under that level would trigger a breakdown, with a free fall towards the bullish 100-DMA at $0.7280 very well on the cards.

Read Also: Cardano Price Prediction for 2025 and 2030

 

Stellar Lumens: Stuck between Key Averages on the Daily Chart, a Range Breakout Inevitable?

After staging an impressive bounce from near the $0.3750 region on Wednesday, the XLM/USD buyers appear to face some exhaustion.

This has resulted in a bull-bear tug-of-war, as represented by a Doji candlestick spotted on the daily chart on Thursday.

At the time of writing, Stellar remains stuck in a tight range, with the upside capped by fierce 50-DMA resistance at $0.4251. Meanwhile, the 21-DMA at $0.3936 continues to guard the downside.

Analyzing the technical setup for the near-term, there is an increased likelihood for a break to the higher side, as 14-day RSI holds firmer at 52.48 – well above the midline.

The $0.50 mark is likely to be challenged should the XLM buyers find a strong foothold above the 50-DMA resistance.

Further up, a static resistance (orange trendline) at $0.5483 could test the bullish commitments.

XLM/USD: Daily chart

Alternatively, if the token chews strong bids at the 21-DMA support, Wednesday’s low could be retested.

The ascending 100-DMA support at $0.3447 could save the day for the XLM bulls. On a daily closing below the latter could negate the bullish sentiment, calling for a reversal in the near-term.

To conclude, the bulls remain hopeful for additional upside so long as the price sustains above the 21-DMA – critical cushion.

Check Out: How to Invest in Stellar: A Step-by-Step Guide

 

Dogecoin: Will the big Technical Breakout Materialize? Focus on Thursday’s close

Doge bulls are back in the game at the onset of April, anticipating an eventful month after a sluggish end to March.

This is well depicted in the daily chart, as the meme-based cryptocurrency dived out the recent trading range. Despite the spike, the bulls look forward to Thursday’s closing price to confirm a descending triangle breakout.

The DOGE/USD pair rallied as high as $0.0725 before reversing sharply to near $0.06, where is now wavers.

With the upsurge, the spot pierced through powerful resistance around $0.0550. That level is the intersection of the horizontal 21 and 50-DMAs.

At the press time. the coin holds onto a major part of the intraday gains, with the uptick in the 14-day RSI indicator further backing the bullish case.      

The buyers continue to keep their sight on the $0.10 round figure, as the month of April revives the upbeat momentum.

Ahead of that target, the token will have to find acceptance above the day’s high. The next significant resistance is marked at the February 11 high at $0.0818.

Recall that a daily closing above the triangle resistance of $0.0538 is critical for aiming skywards.

DOGE/USD: Daily chart

Any retracement would meet strong demand at $0.0550. If the sellers gain entry below the latter, the horizontal triangle support at $0.0472 could be put at risk.

The descending triangle bullish breakout will then get invalidated, as the Doge bears will head towards the upward-sloping 100-DMA cap at $0.0376.  

All in all, the technical setup remains in favour of the bulls and, therefore, Dogecoin is poised for additional upside this April.

Don't Miss: Why Dogecoin is Going to Explode in 2021

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.