Top 3 Trending Cryptocurrencies Dogecoin, Cardano, Stellar: DOGE eyes a fresh upswing after Dogefather’s boost
- Dogecoin gathers pace for a firm break above $0.3320, as weekly top of $0.3615 remains in sight.
- Cardano set to dive out from a rectangle formation after holding the key support on the 1D chart.
- Stellar awaits acceptance above 21-DMA at $0.5319 to extend the bullish reversal.
This week hasn’t been much of an interest for Bitcoin traders, as the price of BTC wavers in a narrow range after the weekend’s crash to near $47,000 levels. The demand for the no.1 coin is seen eroding, as the sentiment around altcoins improves.
The DOGE bulls woke up from their slumber on Wednesday after sluggishness earlier on, courtesy of the tweet by Tesla Inc’s founder Elon Musk. The Shibu Inus-inspired coin rocketed nearly 30% to fresh weekly highs above $0.30 after Musk tweeted, "The Dogefather", alongside the May 8 date of his upcoming SNL gig.
Comments from billionaire Mark Cuban also helped meme digital currency harper some strong gains. Cuban said: “Overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I would say it’s not the world’s best investment but it’s a whole lot better than a lottery ticket, and it’s a great way to learn and start understanding cryptocurrencies.”
Among other DeFi tokens, Cardano’s on-chain metrics offer a constructive outlook, as reflected by the IntoTheBlock’s Global In/Out of the Money (GIOM) model. The map shows that only one key resistance level amidst a cluster of support levels. The upside barrier is seen at $1.44, where about 76,000 addresses have stocked up nearly 989 million ADA.
Adding to the optimism around Cardano and Stellar Lumens, the announcement made by a Swiss investment fund on Sunday continues to draw buyers’ attention. 21Shares AG is listing Stellar XLM ETP (AXLM) and Cardano ADA ETP (AADA) on the Swiss stock exchange (SIX Exchange) on April 26th with a base fee of 2.5% per year, per The Daily HODL.
How are these three trending cryptocurrencies charted technically?
Dogecoin: In bullish consolidation, with technical indicators in favour of a fresh leg higher
The seventh most widely traded cryptocurrency, Dogecoin corrects nearly 5% on Thursday to trade around $0.31 after the massive rally to eight-day highs of $0.3615.
The Defi token has turned negative for the first time in four trading sessions.
As per the usual pattern, every spike prompts the DOGE price to enter a phase of consolidation following an initial retreat, as the bulls bide time before launching another attack to the moon.
The correction, this time, has stalled above the horizontal 21-simple moving average (SMA), now at $0.2922 on the 12-hour chart.
Despite the recent surge, Dogecoin continues to trade within a two-week-old pennant, with an upside break awaited on a 12-hour candlestick closing above the falling trendline resistance at $0.3320.
While the Relative Strength Index (RSI) has flattened, it still remains in the positive territory, rendering DOGE-supportive.
Therefore, buyers will regain poise on a pennant breakout to the upside, opening gates towards Wednesday’s high.
Should the bid tone pick up pace, a test of the $0.40 round number could be on the cards.
The April 19 high of $0.4383 could keep the DOGE bulls motivated going forward.
DOGE/USD: 12-hour chart
On the flip side, if the sellers find a strong footing below the 21-SMA support, a sharp drop towards the rising trendline boundary at $0.2381 would be tested.
A sustained move below the latter could invalidate the pennant formation, exposing the upward-sloping 50-SMA at $0.2028.
All in all, the path of least resistance for the meme coin appears to the upside. Although it may not be a smooth ride for the bullish traders.
Check Out: Should You Buy Dogecoin?
Cardano: Supported at a critical level as a bullish technical breakout remains in the offing
Cardano has staged a solid comeback so far this week, reversing more than half the crash from the all-time-high of $1.5705.
The ADA price remains on the lookout to recapture the psychological $1.50, the previous key hurdle, extending its four-day winning streak into Thursday.
The upward-sloping RSI on the said timeframe, currently at 58.50, adds credence to the northwards journey.
Therefore, the horizontal trendline resistance at $1.5250 awaits fresh buying interest, with a daily closing above that hurdle likely to confirm a two-month-old rectangle breakout.
The next stop for the ADA bulls is envisioned at the lifetime highs. Note that the price trades above all the key daily moving averages (DMA), which is also positive for a potential uptrend.
ADA/USD: Daily chart
The bullish momentum picked up pace only after the price found acceptance above the 21-DMA at 1.2770 earlier this week. At the level the daily low coincides, making it a crucial demand area.
If the abovementioned key support is breached on a daily closing basis, the sellers are likely to challenge the 50-DMA cap at $1.2165.
Further south, the rectangle support at $1.0307 could be tested, near which the ascending 100-DMA aligns.
A range breakout is very much on the cards in the near term after ADA/USD staged such an impressive bullish reversal last week.
Read Also: What Will Cardano Be Worth in 2025?
Stellar: Outlook appears neutral to bullish in near term but bulls unlikely to give up easily
XLM/USD is extending its range play for the third consecutive trading session on Thursday, as sellers continue to lurk on every attempt to the upside.
The rebound from multi-week lows has stalled for now, as a tug-of-war between the bulls and bears persists after falling in Wednesday’s trading.
As clearly observed on the daily chart, the XLM price range is getting tighter, keeping traders hopeful for some volatility in the coming sessions.
At the time of writing, Stellar is almost unchanged on the day, hovering around the 50% Fibonacci Retracement level of the recent correction from the record highs of $0.6983, which aligns at $0.5072.
The price has formed a Doji candlestick, with the 14-day RSI side-lined right at the midpoint, suggesting a lack of clear directional bias.
However, with a bunch of healthy support levels stacked up and one relevant resistance for XLM, a break to the upside appears more compelling in the near term.
The XLM buyers need to crack the horizontal 21-DMA resistance at $0.5319 on a sustained b basis, in order to revive the recovery momentum.
The April 19 high at $0.5727 could then test the bullish commitments, following which the $0.60 threshold will come into the picture.
XLM/USD: Daily chart
To the downside, strong support awaits at $0.4622, which is the intersection of the 61.8% Fibonacci Retracement level of the same crash and the horizontal 50-DMA.
The recovery hopes will get squashed on a daily closing below the last, as the XLM sellers are expected to probe the mildly bullish 100-DMA support at $0.4265.