Dogecoin, Cardano, Bitcoin, Ethereum Talking Points:
- Dogecoin and Cardano alternative coins (ADA /USD) hit hard over the weekend.
- Bitcoin and Ethereum more restraint in their movements, but both also have the potential to break in the near future.
- Tthe analysis in the article is based on this pricing and chart formations. For more information on pricing or chart patterns, visit us DailyFX education section.
It was another eventful weekend in cryptocurrencies, but the coins that came to the fore this week. Both Cardano and Dogecoin rose freshly high in the near future, while Ethereum and Bitcoin consolidated recent profits.
Recent announcement by Cardano September 12th as the Alonzo hard fork date has continued to hold bulls on offer and prices have moved sharply to an all-time high over the weekend. Resistance eventually manifested itself at the 2,225 psychological level. The withdrawal has so far been easy, with buyers holding the coin over the 2,000,000 area of the chart.
The background here seems to be on a very rising line, with the burst potential exceeding its 2,2500 level, looking at this all-time high test at around 2,4500.
Cardano (ADA / USD) daily price schedule
Dogecoin’s fresh two-month record
Maybe in the event of a sudden turnaround, Dogecoin is back in the news, as both Mark Cuban and Elon Musk agreed on Twitter that Dogecoin was the strongest cryptocurrency as a real medium of exchange. Both have previously spoken of Doge, where Musk went so far as to say he intended to bring cryptocurrency to the Moon, while Mark Cuban took that currency to pay for the Dallas Mavericks games.
There are usually 5.2 billion new coins against the Doge as a treasurer, which are minted every year. But as Cuba had framed it on Twitter, he sees it as a strength for cryptocurrency as a medium of exchange.
However, Dogecoin rose to a two-month high over the weekend as both Cuba and Musk continue to attract a lot of attention in the room. Past resistance represents support potential and draws about 61.8% Fibonacci retracement in the range of .2831.
Dogecoin / USD (DOGE / USD) daily price chart
Bitcoin is preparing for 50 years?
In a relatively young market such as cryptocurrencies, a simple technical analysis can make interesting observations. Psychological levels are appropriate here, as these rounded whole levels often tend to provoke a reaction even for those who do not know that they are using technical analysis. The most recent example of this assumption would be the three months and several grants built into this 30,000 level before buyers took up employment a few weeks ago.
This uptrend has finally found some resistance, and it shows the area of pre-support in February-May, just as Bitcoin tested the ground above 60k.
The high price threatens the overhead of a 50k marker; and although Bitcoin erupted there in February, the move could not be tolerated, as the rupture led to a three-month irregular pattern before prices finally collapsed, helped by Tesla’s announcement that they would stop accepting cryptocurrencies due to energy problems.
In the near future, support will be shown by the previous resistance shown in (a) Fibonacci projection at the level of 46,433.
Bitcoin (BTC / USD) daily price schedule
Ethereum increases the pressure, the potential for ether rupture
The + 80% decline in Ethereum continues to be remarkable, and although ETH / USD has similarly gained some resistance, the potential here seems to continue as prices now find support.
The level of the note is 3190, which came back to the picture for the first time last week, helping to set the highest level before prices withdrew support in the event of previous resistance. And that peak remained in last week’s trade until the bulls were finally able to break on Friday.
This rupture receded over the weekend, finding support for more than 3,100, and repeated support tests have found support around this 3,190 location.
This keeps the door open for Ethereum’s rising scenarios.
Ethereum (ETH / USD) daily price chart
– Written James Stanley, Senior strategist For DailyFX.com
Get in touch and follow James Twitter: @JStanleyFX