Dogecoin Price Faces Key Support Amid Market Uncertainty as Weekly Decline Outpaces Cardano
Main Idea
Dogecoin and Cardano prices are facing significant declines amid market uncertainty, with key support levels being tested and leveraged liquidations contributing to the downward pressure.
Key Points
1. Dogecoin (DOGE) price recently traded near $0.199, testing key support at the 50-day SMA of $0.194, with potential for further declines if support breaks.
2. Cardano (ADA) dropped to $0.7126, facing resistance near $0.8 and potential downside to $0.56 if the 50-day SMA support at $0.68 is breached.
3. Over $613 million in leveraged liquidations across the crypto market contributed to the price drops, with Bitcoin and Ethereum also declining by 3.7% and 7.13%, respectively.
4. Dogecoin's daily RSI suggests potential sideways movement between $0.14 and $0.29, while Cardano's RSI indicates a range-bound market in the short term.
5. Technical support levels at the 50-day SMA are crucial for both DOGE ($0.194) and ADA ($0.68) to watch for potential rebounds.
Description
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