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

DOGE had one of its biggest surges on Tuesday, breaking above its fourteen-day high. It struggles to continue the uptrend at the time of writing. 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 hit its highest value in more than fourteen days.

The total worth of the crypto sector edges closer to $3 trillion following the previous day’s performance. Nonetheless, the market see 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 tremendous change in sentiment following another notable positive 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 took it as good will and responded with the massive improvement in prices. Altcoins were some of the biggest gainers from the surges, lets examinee 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 that saw the asset gain almost 3%. It sparked hopes of further increases and investors’ expressed belief in the coin returning 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 hits its highest level since January as MACD continues 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 is 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 close to each other over the last four days. A lack of volatility that may be due to less trading volume may be the cause for its price action. Nonetheless, RSI continues upward as buying volume outweighed the 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 retraced and trades 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 biggest greens the coin saw in almost fourteen days. It surged from $0.61 to $0.68 and closed with gains exceeding 8%. Monday’s price action was another bullish one for the asset.

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

It is worth noting that the coin surged above its bollinger band on Tuesday and continued upwards. It experienced a massive increase in buying pressure as indicated by the relative strength index. The metric is at 58 at the time of writing. 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 an almost 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 exceeding 7%.

LINK continues its uptrend, testing a critical resistance. 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 a few hours ago, hitting a high of $15.3.

Previous price movement suggest 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 it. It retraced and trades 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 opening price. AVAX 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 time before breaking above the highlighted resistance. A slip below this critical mark may send it as low as $20.

Nonetheless, indicators remain positive. AVAX 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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