Price Analysis 4/23: DOGE, TRX, ADA, LINK, AVAX

DOGE had one of its most significant surges on Tuesday, breaking above its fourteen-day high. At the time of writing, it struggles to continue the uptrend. Nonetheless, many predict further increases and call the surge a sign of the bull run.

DOGE is one of the many cryptocurrencies with a massive increase during the previous intraday session. The market saw a significant increase in trading volume as more liquidity poured into the sector. These trends saw the global cryptocurrency market cap reach its highest value in more than two weeks. 

The total worth of the crypto sector edges closer to $3 trillion following the previous day’s performance. Nonetheless, the market sees further trading volume, registering a 27% increase over the last 24 hours. Investors sentiment has since increased as the fear and greed index hits 52. The metric trended around 32 for most of the previous seven days before breaking out.

The crypto market saw a significant change in sentiment following another notable positive development in fundamentals. US President Donald Trump announced on Tuesday that he had no intention of firing the Federal Reserve chairperson. His statement followed several critical comments about Jerome Powell’s performance. 

The sudden change was surprising. However, investors considered it goodwill and responded with a massive price improvement. Altcoins were among the biggest gainers from the surge. Let’s examine some in the top 20. 

DOGE/USD

Dogecoin gained over 12% during the previous intraday session. It opened trading at $0.15 and attempted the $0.18 resistance. DOGE failed as it retraced after hitting the mark. 

Tuesday’s price action follows a notable increase on Monday, during which the asset gained almost 3%. This sparked hopes of further increases, and investors expressed belief that the coin would return to its previous high.

DOGE struggles to continue the uptrend on Wednesday as the bulls show signs of exhaustion. Nonetheless, it surged to a high of $0.185 before retracing to its opening price. Its latest price indicates that it reclaimed another key level: the 78% fib level.

It is worth noting that the mark has been one of the toughest marks to crack. Previous performance shows notable demand concentration around this level. 

DOGE surged above the Bollinger band on Tuesday. The asset still trades above the indicator at the time of writing. Nonetheless, RSI hit its highest level since January, and MACD continued its uptrend. 

TRX/USD

Tron prints its first red candle since the week started. It retraced to a low of $0.243 from $0.248. Its current price indicates a recovery as it edges closer to its opening price. 

The latest price action follows a similar move by the asset on Tuesday. It dipped to a low of $0.243 but rebounded and closed a bit above its opening price. Monday played out the same way.

The one-day chart shows that the asset struggled with low volatility as it has yet to see a significant price change since the week started. It continues a trend that played out for most of the previous week as its bulls are yet to respond to positive fundamentals across the market.

The moving average convergence divergence displays a signal parallel to current price trends. The 12-day and 26-day EMAs trended closely together over the last four days. A lack of volatility, possibly due to lower trading volume, may be the reason for its price action. Nonetheless, RSI continues to rise as buying volume outweighs selling pressure.

ADA/USD

Cardano is seeing a continuation of the previous day’s uptick. It surged to a high of $0.71 a few hours ago but has since retraced and is currently trading at $0.699 at the time of writing. Currently up by almost 3%, the asset may register its third consecutive green this week.

Tuesday’s price action was one of the coin’s biggest green days in almost fourteen days. It surged from $0.61 to $0.68 and closed with gains of more than 8%. Monday’s price action was another bullish one for the asset.

Nonetheless, the current day’s price action saw it attempt to break a key level but fail. The 61% fib level is a critical level due to its demand concentration. Since failing to reclaim the mark, the bulls must defend the $0.68 support. 

It is worth noting that the coin surged above its Bollinger Band on Tuesday and continued to rise. It experienced a massive increase in buying pressure, as indicated by the relative strength index, which currently stands at 58. MACD prints further bullish signals, continuing its uptrend. 

LINK/USD

Chainlink overturned its sluggish start to the week on Tuesday. It surged on the second day of the week, after a nearly 2% decline the previous day. The asset opened the previous intraday session at $13.1 and broke above $14, hitting a high of $14.1. It closed with gains of more than 7%.

LINK continues its uptrend, testing a key resistance level. The cryptocurrency failed to decisively flip the $15.8 resistance on May 29. It retraced after an attempt and has since failed to break it. It tested the mark a few hours ago, reaching a high of $ 15.30.

Previous price movement suggests the asset must gain stability above the 78% fib level to break the highlighted level. The altcoin briefly broke above the mark but failed to hold on to it. It retraced and is currently trading at $14.9 at the time of writing. 

Nonetheless, indicators remain positive. LINK’s latest price increases see the moving average convergence divergence surge higher. It is seeing notable buying pressure as RSI hits 63, the highest since January.

AVAX/USD

Avalanche attempted its thirty-day high but failed to break it. It hit a high of $23 but retraced and trades close to its opening price. AVAX’s latest performance follows its impressive 11% surge on Tuesday when it broke above $21.

Previous price movement points to $22.3 as a critical mark. The asset hovered around this mark in previous times before breaking above the highlighted resistance. A slip below this critical mark may send it as low as $20.

Nonetheless, indicators remain positive. AVAX’s latest price increases see the moving average convergence divergence surge higher. It is seeing notable buying pressure as RSI hits 63, the highest since January.

 

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