Dogecoin, Cardano Price Analysis: September 23, 2021

• Dogecoin is in stasis around $0.22 after bowing to selling pressure at $0.23.
• Cardano risks dropping to $2 due to the selling pressure at the 50-day SMA.

The cryptocurrency market barely spent 24 hours in the green, with corrections from Thursday’s highs taking precedence. Most crypto assets, especially in the top ten, are posting single-digit losses, suggesting that the upswing was merely a reaction to China’s Evergrade’s saga.

Bitcoin managed to settle above $44,000, but the movement to higher levels remains sluggish. Ethereum hit a barrier at $3,200 and is pivoting at $3,100, as reported. Similarly, Cardano is dancing at $2.29 while XRP has and Dogecoin nurse wounds at $0.98 and $0.22, respectively.

Dogecoin:-

Dogecoin recovered from support at $0.19 and tested the resistance at $0.23 on Thursday. The meme-based token also lifted above the descending upper trend line, which may have boosted it closer to $0.25.

However, rising overhead pressure cut off the excitement before it began, resulting in a retracement to $0.22. As the bearish momentum keeps building, more losses are anticipated across the trading sessions on Friday.

The demand zone, marked in green, ensures that DOGE does not start exploring areas below $0.2. Besides, the MACD is gradually improving and could in the near future send a buy signal.

In the meantime, bulls are ready to fight to defend immediate support at $0.22. If this support holds, investors can start conceptualizing an uptrend, at least to $0.25, a resistance zone close to the 200-day SMA. The rest of the journey to $0.3 would be approached step-by-step; hence traders need to remain cautious.

DOGE/USD Daily Chart

DOGE/USD price chart by Tradingview

Cardano:-

Cardano is facing robust resistance at the 50-day Simple Moving Average (SMA) in its quest for recovery, at least to $2.5in the near term. The smart contract token tested the green band’s support when it briefly stepped under $2.

Higher support is required to ensure that bulls have proper backing to keep the uptrend going. However, a solid overhead push on ADA is making the least resistance path to be downward. If tentative and subtle support at $2.2 fails to hold, we can presume the bearish leg to stretch to $2.

ADA/USD Daily Chart

ADA/USD price chart by Tradingview

The RSI’s movement has been capped below the midline, implying that the selling pressure is becoming apparent. Higher support coupled with a buy signal from the MACD could save the situation. At the same time, bulls must target to close the day above the 50-day SMA. This move is bound to encourage more buyers to join the market, creating enough tail force for elevating ADA past $2.5.