Dogecoin (DOGE) and Cardano (ADA) are experiencing substantial price drops amidst broader cryptocurrency market uncertainty.
Dogecoin’s price recently traded near $0.199, critically testing key technical support at its 50-day Simple Moving Average (SMA) of $0.194.
Market analysts warn that breaching this $0.194 support level could trigger further downward movement for DOGE.
Similarly, Cardano has fallen to approximately $0.7126, encountering notable resistance near the $0.8 price point.
Should ADA fail to hold its own crucial 50-day SMA support level at $0.68, the next significant technical downside target sits near $0.56.
The declines coincide with heightened leverage unwinding across cryptocurrency markets. Total leveraged liquidations exceeded $613 million over the past day, contributing heavily to the downward pressure.
Leading assets Bitcoin and Ethereum also registered losses of 3.7% and 7.13%, respectively.
Technical indicators offer limited near-term optimism. Dogecoin’s daily Relative Strength Index (RSI) points toward potential sideways consolidation movement, likely within a range between $0.14 and $0.29.
Cardano’s RSI similarly signals a market remaining range-bound in the immediate future.
The integrity of their respective 50-day SMA support zones – $0.194 for DOGE and $0.68 for ADA – is widely regarded as vital for any potential price rebounds.