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Top 3 Trending Cryptocurrencies Cardano, Stellar, Dogecoin: XLM bulls in Control, Eye $0.50 and Beyond

6 Min Read
Last Updated April 5th 2021
  • Cardano consolidates between key daily averages amid light trading on Easter Monday, bulls remain hopeful.
  • Stellar is breaking out from descending triangle breakout on the daily chart, focus on today’s close.
  • Dogecoin’s path of least resistance appears to the upside amid plenty of healthy support levels.

As holiday-thinned trading conditions prevail on Monday, the bullish commitments across the crypto space remain unfazed, as the granddaddy of cryptocurrencies, Bitcoin, once again approaches the $60,000 mark.  

Some of the DeFi tokens, including Cardano, Stellar Lumens and Dogecoin, look to extend the upside, as the month of April offers strong seasonal bias.

Cardano continues to draw bids amid a massive surge in network activity over the past week, with the number of new addresses having risen 43%. The number of active addresses has also expanded by 30% during the same period, rendering ADA-supportive.

Despite the frenzy revived by the founder of Tesla Inc, Elon Musk’s tweet on April 1 dying down, the Shibu Inus-inspired digital asset, Dogecoin, maintains a bullish undertone amid encouraging on-chain metrics. The In/Out of the Money Model shows the most crucial support zone between $0.055-$0.057 has 8.5 billion DOGE in volume, which continues to offer some incentives to the meme-coin buyers.

SpaceX CEO tweeted last Thursday that the aerospace company plans to put "a literal Dogecoin on the literal moon." The price surged past the $0.70 barrier in a knee-jerk reaction to the tweet.

Let’s take a look at how these hot cryptocurrencies positioned technically?

Cardano: Needs to Tackle this Key Resistance Level to Unleash Additional Upside Towards $1.30

The ADA/USD pair extends its range play on Easter Monday, keeping the buyers cheerful following a slightly positive close to the week.

Amid the side trend, the spot has managed to form higher highs on the daily chart, holding onto the critical support of the ascending 50-daily moving average (DMA) at $1.1365.

Note that the price has been trending within an ascending triangle formation on the given timeframe since end-February, with a firm break in either direction highly anticipated.

The 14-day Relative Strength Index (RSI) edges higher at 52.94, backing the case for a move higher.

Therefore, the ADA bulls need acceptance above the horizontal 21-DMA at $1.1913 to unleash a fresh upswing.

A daily closing above the latter could fuel a run towards the triangle resistance at $1.4750.

ahead of that hurdle, the $1.30 round figure could test the bullish commitments. The March 26 high at $1.3442 is expected to threaten the upside momentum.

ADA/USD: Daily chart

However, if the sellers continue to lurk at higher levels, a test of the 50-DMA cap could be inevitable.

The significant cushion for the coin aligns at the rising trendline (triangle support) at $1.1025.

A daily close below the last could validate an ascending triangle breakdown, calling for a test of the psychological $1 mark.

Further south, the upward-sloping 100-DMA support at $0.7691 will be on the ADA sellers’ radars.  

Read Also: Dogecoin Price Prediction – Will DOGE Value Rise In Future?

Stellar Lumens: Technical Indicators Scream Buy, a Big Technical Breakout in the Offing?

The extension of the 10-day uptrend in XLM/USD gathers steam amid thin trading conditions on Monday, as technical indicators have turned in favor of the bulls.

The pair has built on Sunday’s recovery momentum, defending the critical 21-DMA at $0.4034. This has powered the XLM bulls, as they now await an upside break from a symmetrical triangle.

Monday’s closing above $0.4648 is needed to confirm the bullish breakout. At the time of writing, Stellar has breached the abovementioned critical resistance, having recovered ground above all the major averages.

Further, adding credence to the bullish tone, the 14-day RSI has spiked to 65.75, suggesting that there is more room for the upside.

Should the triangle breakout materialize, the buyers would target the horizontal trendline (orange) resistance at $0.5373.

The doors would then open for lifetime highs above $0.61 and beyond, as bulls will then take over complete control.

XLM/USD: Daily chart

Any retracement could meet initial demand at the 50-DMA resistance now support at $0.4192.

The psychological $0.40 mark could be the next stop for the bears, as the selling pressure intensifies.

The critical 21-DMA cushion should offer some strong bids to the XLM bulls. A follow-through selling bias could expose the upward-pointing 100-DMA at $0.3599.

Check Out: Stellar Lumens Price Predictions

Dogecoin: Eyeing the Horizontal Trendline Resistance at $0.0667, with Bullish RSI

After kicking off April with a bang, Doge bulls are looking to hold the higher ground above $0.05.

Following a massive spike on April 1, the coin has dropped nearly 20% but a stack of healthy support levels has helped keep the downside in check.  

Despite the sluggish market conditions, the meme-based cryptocurrency yearns for a convincing break above the horizontal trendline (orange) resistance at $0.0667, in absence of any significant upside barriers.

Above that level, the April 1 high of $0.7257 could be back on the buyers’ agenda.

At the press time, the coin posts mild gains while trading at $0.0580, holding onto Sunday’s gains.

The 14-day RSI holds firmer around 54.00, underpinning the bullish sentiment triggered by Elon Musk’s endorsement last week.

DOGE/USD: Daily chart

On the flip side, if the immediate 21-DMA support at $0.0560 gives in, a test of the 50-DMA at $0.0547 will be inevitable.

The next relevant support is envisioned at the two-month-old rising trendline support at $0.0522.

A daily closing below the latter could prompt a sharp sell-off towards the February 23 low at $0.0408.

The upward-sloping 100-DMA at $0.0400 is likely to be the last line of defense for the DOGE bulls.  

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

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