Top 3 Trending Cryptocurrencies Dogecoin, Shiba Inu, Cardano: DOGE Price Gearing Up for a Rally to $0.30
- Dogecoin price tests offers at the 50-DMA resistance as tide has turned in favor of DOGE bulls.
- SHIB bulls just not there yet, need a sustained break above $0.00000750 amid a potential falling wedge.
- Cardano testing bearish commitments at a critical daily resistance, more upside in the offing.
The crypto market is no short of encouraging news lately, as Bitcoin briefly tested the $40,000 psychological magnate while Ethereum has its eyes on the $2500 mark.
As the widely traded digital assets emerged out of Elon Musk’s, Tesla Inc.’s CEO, optimism on BTC, the news that Amazon is likely to accept Bitcoin as payment by the end of 2021 offered conviction to the uptrend in the pioneer cryptocurrency.
Last week, the billionaire said, in an appearance alongside Ark Invest CEO Cathie Wood, Twitter CEO Jack Dorsey and moderator Steve Lee from Square Crypto, “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course.” Musk also said that Tesla may be close to accepting BTC payments again after looking into BTC’s sustainability.
Despite the revival of the buying interest in the most widely traded crypto coins such as Bitcoin, Ethereum and Ripple, Musk’s comments and the Amazon news have failed to impress the DOGE bulls enough. Even so, the Shiba Inu’s additional upside appears a bit dicey while Cardano awaits a strong catalyst to validate a bullish reversal.
How are these top three trending DeFi tokens positioned on the charts?
Dogecoin eyes additional upside amid a bullish technical setup
Dogecoin price has broken its four-day side trend to the upside, showcasing a sold start to a fresh week, as the bulls now need a strong catalyst to take on the $0.30 barrier.
Despite the recent sluggish momentum, DOGE price maintained its uptrend that got confirmed following a descending triangle breakout charted on the daily sticks last Wednesday.
In doing so, the canine-themed coin remains in the green zone for the sixth straight session.
From a short-term technical perspective, DOGE price has managed to hold its footing above the ascending 200-Daily Moving Average (DMA) at $0.1870, which has now turned into crucial support.
The renewed buying interest seen around Dogecoin this Monday has prompted the price to convincingly recapture the bearish 21-DMA at $0.1983.
Subsequently, the 50-DMA barrier at $0.2438 got almost tested on notable demand for Dogecoin.
A daily closing above the latter could fuel a massive advance towards the $0.30 psychological level. Further up, a test of the horizontal 100-DMA at $0.3220 remains inevitable.
The case for a potential upside is backed by a positive price-Relative Strength Index (RSI), with the momentum indicator having pierced through the midline into the bullish zone.
DOGE/USD: Daily chart
If DOGE bulls face rejection at the abovementioned 50-DMA hurdle, then the sellers could return for a test of the 21-DMA resistance-turned-support.
The next downside target at 200-DMA could be back on the bears’ attention. However, the path of least resistance for the coin appears to the upside.
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Shiba Inu readies for an upswing above this key resistance level
SHIB price is extending its range play into the fifth day in a row, consolidating last week’s rebound above $0.0000070. Sellers continue to lurk above that round number, limiting the bullish attempts.
However, the latest leg up is seen challenging the bearish commitments near the latter, as bulls yearn for a firm upside break to resume the recovery momentum.
Shiba Inu’s is looking to end its month-long downtrend, as it awaits confirmation of a bullish reversal on a daily closing above the falling trendline resistance at $0.000006292.
If the upside break materializes then it would validate a falling wedge formation, opening doors for further upside.
On its way up, SHIB price could face strong resistance around $0.0000070-$0.00000750, which is the confluence of the downward-sloping 21 and 50-DMAs.
The next relevant fencing for the buyers is seen at the mildly bullish 100-DMA at $0.000008021.
SHIB/USDT: Daily chart
However, with the daily RSI still hovering below the central line, it remains to be seen if the bullish traders seize control above the $0.00000750 supply zone.
In that case, any retracement could call for a test of the wedge resistance now support, below which the range lows near $0.0000060 could be back into play.
The last line of defense for SHIB bulls is aligned at the monthly lows of $0.00000555.
To conclude, traders keep their sight on Monday’s close to place fresh directional bets on SHIB price.
Read Also: Is Shiba Inu (SHIB) A Good Buy?
Cardano: Bulls remain unstoppable, await a range breakout
Cardano bulls have fought back control on the second trading day of this week, having reversed Sunday’s losses.
ADA price witnesses wild swings in either direction, although the buying interest remains unabated. The altcoin remains on track to extend its recovery from one-month lows of $1.0073 reached last Tuesday.
After bottoming out a week ago, ADA bulls staged a solid recovery before taking a breather to gather strength for a blistering rally to $1.4417 on Monday. However, the price failed to sustain at higher levels, facing rejection just below the horizontal 100-DMA at $1.4486.
It’s worth noting that Cardano has been trading in a rectangular formation since June 22, having found a strong support near $1.00 levels twice, which called for a bullish reversal over the past week.
In order to confirm an upside breakout from the rectangle pattern, ADA buyers need a daily closing above the horizontal trendline resistance at $1.4831. This could come into play only on an acceptance above the 100-DMA barrier.
On a follow-through buying pressure above the said resistance levels, a test of the key $1.50 could be very well on the cards.
The RSI points north towards the overbought region while above the midline, suggesting that there is more room for the bulls to flex their muscles.
ADA/USD: Daily chart
Alternatively, the previous resistance now support of the 21-DMA at $1.2517 is likely to cap any pullbacks.
A failure to resist above the last could expose the upward-sloping 200-DMA at $1.1729, Further down, the rectangle support at $1.00 could challenge the bulls’ commitments.
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