Bitcoin

Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday

Dogecoin rose by over 10% in today’s session, as the meme coin closed in on its highest point in almost one month. The token was higher for an eighth consecutive session, while cardano was also in the green, rising for a ninth straight day.

Dogecoin (DOGE)

Dogecoin (DOGE) was a notable mover on Wednesday, as the meme coin rallied by over 10% in today’s session.

The meme coin was one of today’s big gainers, as prices rose to an intraday peak of $0.07657.

This surge saw DOGE/USD hit its highest point since June 27, and near a long-term resistance point in the process.

DOGE/USD – Daily Chart

As seen from the chart, this ceiling appears to be at the $0.07900 level, which has been in place for the last six weeks.

Although bulls will be looking to overcome this hurdle, price strength seems to have encountered an obstacle of its own.

This lay in the form of the 61.50 level on the 14-day Relative Strength Index (RSI), which hasn’t been broken since late April.

Cardano (ADA)

Wednesday saw cardano (ADA) extend its recent streak, with prices climbing for a ninth consecutive day.

Following a low of $0.4812 during yesterday’s session, ADA/USD raced to a high of $0.546 earlier in the day.

The move resulted in the token hitting its highest level since June 11, when prices were sliding down from $0.6500.

ADA/USD – Daily Chart

This surge has seen the world’s seventh-largest cryptocurrency blow past a previous ceiling at $0.5000, and it now looks set to hit another.

Should the surge continue, this new ceiling will be at the $0.5720 mark, which is an area where historical bearish pressure seems to reside.

In order to move onward towards this mark, ADA will first need to see price strength climb above 61 on the RSI indicator.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Will bears begin to reenter cardano should this ceiling fail to break? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Reddit partners with FTX to enable ETH gas fees for community points
Stocks making the biggest moves after hours: Coinbase, Sweetgreen, Roblox and more
SoftBank set to post $34bn gain after handing over Alibaba shares
China extends military drills around Taiwan and ramps up propaganda
Market Comparison: Modern New Development Options In The Western U.S.