In addition to Bitcoin, investors are closely monitoring the status of altcoins that are in the top 10 by volume. As we start the day on August 29, investors are curious about the potential price movements of DOGE, ADA, and AVAX. Let’s take a look at the charts for these cryptocurrencies together.
Dogecoin Price Analysis
Dogecoin moved downward from the 50-day SMA ($0.11) on August 24 and fell below the 20-day EMA ($0.10) on August 26, causing concern among investors. Access NEWSLINKER to get the latest technology news.
DOGE is expected to find support in the $0.10 to $0.09 range. Bulls might try to push the price above the falling wedge to indicate the end of the current downtrend. DOGE could attempt to rise to $0.14 if it breaks this formation upwards.
On the other hand, if the price falls below the support zone, it suggests that bears still hold power. DOGE might move to the strong support at $0.08 and potentially lower.
Cardano Price Analysis
Cardano (ADA) also started to decline on August 26, falling below the 50-day SMA ($0.38). This was interpreted as a decreasing demand for ADA.
As the price decline continued, ADA fell below the 20-day EMA ($0.36) on August 27. There is a minor support level at the uptrend line, and if this level breaks, the price could drop to $0.31.
Conversely, if there is a trend reversal and the price rises from the current level, bulls might attempt to push the price back above the 50-day SMA. If this happens, a rally towards the downtrend line could be seen.
AVAX Analysis
Avalanche (AVAX) moved downward from the resistance line of the descending channel formation on August 25, indicating that bears aggressively prevented a breakout above this level.
After bears pushed the price down, it reached the 20-day EMA ($23.89), a crucial level for bulls to defend. If the price strongly rebounds from the current level, it could indicate that the dips are being bought.
This could trigger a rally above the channel. Consequently, AVAX might climb to $33 and then to $37. However, in a bearish scenario, the price could drop to $19.50 and further.
