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The cryptocurrency market never runs out of opportunities. While investors generally focus on major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), trading below the value of 1 dollar, these lesser-known altcoins could still demonstrate growth potential. However, it is crucial to acknowledge that they carry a higher level of risk.
Dogecoin (DOGE) Analysis
Dogecoin (DOGE) appears to be encountering a significant barrier on its path to further growth. Despite this, a successful price movement could potentially double the meme coin’s value.
On the weekly chart, DOGE has met a major resistance at the $0.087 level. This key level is calculated by the convergence of the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages (EMAs).
Analyst Ali Martinez shared on November 28 that should expectations materialize, DOGE’s price could nearly double, aiming for $0.14. At the time of writing, Dogecoin was trading at $0.0836, with an increase of 2.22% in the last 24 hours.
The Future of Cardano (ADA)
Another altcoin that is likely to see growth soon is Cardano (ADA). Experts suggest that the phase ADA is in shares many similarities with its previous consolidation phase.
Upon examining the 4-hour chart (below), the 100-EMA appears to be a recovery zone for ADA. Additionally, the $0.396 level forms a strong resistance.
Moreover, Martinez had also made a post on November 27. In his post, he mentioned that a closure of a 4-hour candlestick above the $0.396 resistance or below the 100-EMA was necessary to confirm ADA’s trend direction. Meanwhile, ADA is trading at $0.38, having executed a positive price movement of 1.14% in the previous 24 hours.
Analysis of Hedera (HBAR) Coin
Lastly, supported by major companies such as Alphabet (NASDAQ: GOOGL), Boeing (NYSE: BA), and IBM (NYSE: IBM), Hedera (HBAR) is known for operating differently from traditional blockchains. It uses a method called hashgraph, where system components communicate to create a transaction timeline similar to other cryptocurrencies.
Électricité de France, Europe’s largest renewable energy producer and a Hedera Council member, announced on November 29 that it had achieved a successful proof of concept (POC), exciting investors and industry enthusiasts.
At the time of writing, HBAR was trading at $0.06, representing a 0.29% gain in the last 24 hours. In monthly terms, HBAR has seen a rise of 17.28%, but it has decreased by 2.74% in the last 7 days.
- Altcoins show promise but bear risks.
- Dogecoin faces a critical resistance level.
- Cardano and Hedera might see growth.
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