The intense agenda continues for cryptocurrency investors, but prices have returned to a sideways trend. So, what will happen now? ADA, SOL, and DOGE, among many other cryptocurrencies, are at critical thresholds. This situation could lead to major movements with the resurgence of BTC volatility.
Cardano (ADA) Analysis
With the declines it experienced this year, ADA Coin lost its high ranking among the largest cryptocurrencies. The network is developing slower than expected, and the failure to implement popular applications on the network has now exhausted patience. Bulls successfully defended the $0.24 support in Cardano, but they are struggling to overcome the $0.28 barrier. This indicates that bears are selling in every small rally.
Selling pressure prevails in resistance levels, and this could be a precursor to further declines in the overall market. Sellers will try to push the price below the critical $0.24 resistance. If they succeed, sales towards the $0.22 and $0.2 support levels may gain momentum. In an alternative scenario, we may see a recovery towards $0.32 with closings above resistance.
Solana (SOL) Chart Analysis
Solana turned down once again from the $22.30 breakout level on August 24, indicating that bears have turned the level into resistance. The bears’ target is to pull the price below the critical support of $19.35 and keep it there. If they succeed, it means a bad scenario has started for SOL Coin investors.
In case of support loss, SOL Coin price could drop to $16 and $18. The 20-day EMA ($22.33) and RSI in the negative zone confirm bear dominance. For the price to rise, it needs to surpass the $22.3 resistance and target the $23.67 and then $27 resistance levels.
Dogecoin (DOGE) Analysis
Soon, we will see more concrete steps taken regarding Twitter Payment Services (now known as X), which we announced last November. DOGE investors were excited about Musk’s expansion into the payment area. However, the bad news is that due to regulatory uncertainty, DOGE does not seem to be integrating into this service. This takes away the biggest price catalyst from the meme coin king.
If we turn to technical analysis, the long wick in the candlestick on August 23 shows that bears are not giving up and continue to sell in rallies. If the price falls below the $0.06 support, it will indicate that bears are in control. The DOGE/USDT pair could drop to $0.055, which was the intraday low on August 17. A possible target for closings below is $0.05. In the opposite scenario, a recovery from $0.06 could visit the $0.07 and $0.08 targets.
