Price Analysis 9/20: DOGE, ADA, HYPE, LINK, AVAX, SUI

DOGE is one of the top losers in the top 10, seeing significant losses over the last seven days. Nonetheless, the bulls are looking to pull back some of the losses as the memecoin sees a slight increase on Saturday. 

Aside from DOGE, other altcoins are registering notable increases at the time of writing. For example, ASTER continues its upward trend, gaining over 40% in the last 17 hours. 

Nonetheless, the positive performance of most altcoins led to an increase in the global market capitalization of altcoins. The valuation currently stands at $1.68 trillion, accounting for slightly more than 40%. However, the altcoin index is shifting, signaling the start of the altseason. The metric is at 79, its highest value in the last 90 days.

A closer look at the total market cap, excluding Bitcoin, shows a recovery after a recent correction. As a result, it prints a doji on the 1-week scale. Let’s examine how some of these assets performed.

DOGE/USD

Dogecoin opened the week at $0.278 but retraced on Monday, dropping to a low of $0.258. It slipped a little lower the next day and rebounded. Nonetheless, the coin received a significant boost on Wednesday, surging by over 4%.

However, erase the gains over the next two days and struggle to pull back at the time of writing. The 1-day chart reveals that DOGE broke out of the Bollinger bands last week but is currently trading within them. Upon closer examination, it becomes glaringly apparent that the asset still lingers close to the upper band. 

The readings from the BB indicate that DOGE is not out of the danger zone. Nonetheless, it is forming a new short-term support at $0.255 and has maintained trading above the mark for most of the last seven days.

Nonetheless, the moving average convergence divergence prints negative signals. The 12 EMA is on a downtrend, indicating an ongoing bearish event.

ADA/USD

The 1-day chart shows that Cardano was mostly bullish over the last six days, registering three green days, and is edging closer to a fourth. It recovered following its bearish start to the week, during which it lost almost 3% on Monday.

ADA had one of its biggest red candles on Friday, losing almost 4%. However, like DOGE, it is seeing slight increases at the time of writing, edging close to $0.90.

Nonetheless, the bollinger bands show that the altcoin trended between the middle and upper bands for most of the last fourteen days. There are no indications that the asset is breaking out of this trend soon. The SMA served as support a few days ago and is trending upward, indicating a slightly bullish price structure. 

Aside from the BB, the MACD displays an impending divergence if the price slips further; the gap between the 12- and 26-day EMAs is narrower.

HYPE/USD

On the one-week scale, HYPE is edging closer to registering its third consecutive week of increases. However, the candle representing current trading action indicates that the asset is experiencing notable selling pressure.

The 1-day chart indicates that the altcoin retraced to $54.7 a few hours ago but rebounded and is now trading at its opening price. The recent correction is not a standalone event, like DOGE; HYPE saw a notable retracement on Friday.

Nonetheless, the relative strength index revealed that the asset was close to being overbought on Thursday. The ensuing decline comes in the wake of this event. Aligning with RSI, the altcoin edged closer to breaking above the bollinger bands.

Aside from the RSI, there are almost no positive indicators. The moving average convergence divergence shows the 12 EMA edging closer to intercepting the 26 EMA as the bearish crossover nears completion.

LINK/USD

Monday started at $24.1, and prices slightly increased but lost momentum and retraced. LINK dropped to a low of $22.9, rebounded, and closed with losses exceeding 2%. However, it retraced lower on Wednesday, falling to $22.7 before rebounding. Like DOGE, Friday was another bearish day for the asset as it lost over 4%. 

Nonetheless, a closer look at the 1-day chart shows that over the last seven days, the altcoin lingered around bollinger’s middle band. The mark is currently acting as a barrier after the asset reclaimed it on Wednesday. 

Regarding prices, the 1-day chart shows that Chainlink maintained a critical support level over the 10-day period. The barrier dates back to Aug 26 when the coin retraced to $22.8 but rebounded. It lost the mark a few days later but reclaimed it on Sep 8.

Aside from the highlighted price level, MACD had a bearish dominance a few days ago. 

AVAX/USD

Avalanche was mostly bullish over the last six days, flipping one level after another. Noteworthy is the price action on Wednesday and Thursday. The asset opened the latter at $30 and surged to $32 after a slight correction. 

The bulls built on the over 5% increase the next day. AVAX peaked at $35.4 and closed with gains exceeding 10%. However, price action on Friday was the opposite, with altcoin losing over 4%.

The downtrend is ongoing, with prices continuing to sink even lower a few hours ago. Nonetheless, the bollinger bands indicated that the asset was seeing peak upward momentum following its breakout from the mark. The ensuing retracement follows this event. 

Aligning with the BB, RSI peaked at 79, showing that the asset was overbought. Avalanche retraced after it failed to break above $36. However, recent price movement shows no level with demand concentration close to the current value. It reveals a short-term support at $28. 

SUI/USD

Sui saw massive gains during its three-day uptrend that kicked off on Tuesday and ended on Thursday. The altcoin surged from $3.46 and peaked at $3.97. Although the asset retraced on the last day, the coin closed the period with gains exceeding 10%. 

However, it erased more than half the gains on Friday, dropping by over 6%. The altcoin is seeing slight increases at the time of writing.

Nonetheless, the bollinger bands show that the altcoin trended between the middle and upper bands for most of the last fourteen days. The latest retracement started after the coin broke above the indicator. The recent increases suggest that there are no indications that the asset will break out of this trend soon.

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