Cryptocurrency analyst Akash Girimat claims that the price of Dogecoin (DOGE) is on the sixth weekly candle, which could not break out of the falling wedge model. In addition, ApeCoin (APE) may fall to $9.64, as the chances of a sale are high near the support level of $12.28. Analyst Jonathan Morgan says the Cardano (ADA) price is right above the recent support structure. We have collected technical analysis of DOGE, APE and ADA from analysts for our readers.
“Dogecoin Price Delays Action”
The Dogecoin price has been bullish for about a year now and is struggling to break out. Attempts to break this bullish pattern have been going on for the sixth week. If successful, this moe can provoke explosive growth for the first investors, but failure can lead to a sharp collapse.
Last year, the Dogecoin price declined only further, falling 85% from its historic high of $0.740 to the currently traded $0.126. Interestingly, this moe created three lower highs and a lower low on the southern weekly timeframe.
The connection of these oscillation points using trend lines determines the pattern of the descending wedge. This technical formation predicts a 68% increase to $0.217, with the distance between the initial high and low being added to the breakout point.
After six failed attempts, Dogecoin returned to retest the weekly demand zone from $0.109 to $0.124. Given the bearish trend in the cryptocurrency markets, this drop could lead to a catastrophic collapse if DOGE breaks the $0.109 barrier.
Such a move could trigger a 30 percent pullback to $0.078, where buyers can come to the rescue. This step will invalidate the thesis of an ascending wedge. In a difficult situation, a break of $0.048 on a weekly timeframe can be a turning point. This move could trigger a further 70% decline due to the fair value gap, which increased from $0.041 to $0.014.
Considering that everything is at stake for Dogecoin, a weekly candle above $0.159 confirms a bullish breakout. This event will also invalidate the bearish thesis and trigger a movement that will retest $0.217.
“ApeCoin price needs buyers”
The price of ApeCoin is on a roller coaster ride as YugaLabs reaches an all-time high due to the sale of land in the Otherside metaverse. As you can see from Somanews news, due to the sudden increase in demand, the market value of APE skyrocketed and eventually collapsed as the hype waned.
The price of ApeCoin has decreased by 56% compared to the historical maximum of $27.49 on April 29 and is currently hovering around $11.95. The decline also broke through the support level of $12.8 and turned it into a resistance barrier.
However, the trend line drawn during the swing low on March 21, April 11, April 18 and May 8 indicates an inclined support level for the ApeCoin price. If buyers fail to defend this level, APE is likely to trigger another collapse.
This time, the ApeCoin price has support around $10.64, but overcoming this barrier may cause a sell-off to the lower range of $9.64. In general, this movement represents a collapse of 18%.
Despite the fact that the price of ApeCoin currently looks terrible, a surge in buying pressure pushing altcoin to form a decisive four-hour candle above $14.43 will invalidate the bearish thesis in the short term. A higher breakout from the May 5 high of $16.74 indicates a resurgence of buyers and a potential uptrend in the ApeCoin price.
“Cardano risks another sudden collapse”
The Cardano price is facing a serious collapse at the level of $ 0.76. In terms of Fibonacci, Ichimoku and Volume Profile, ADA may be on track for one of the biggest drops in two years.
The Cardano price is right above the ultimate, basic support structure. The $0.76 level represents a 61.8% Fibonacci retracement and the upper range of the current 2022 low. It is also the end of the high volume node in the Volume Profile for 2021.
Below $0.76, there is a price study to the next higher node and the 2021 volume control point in the area of $0.35. Any long time spent on less than $0.76 increases the likelihood of a massive drop in the Cardano price.
From Ichimoku’s point of view, the Cardano price is in a clear bearish trend on the daily chart. However, the Kumo turn occurs on May 14, so any downtrend or current sideways trading may end around that day. In addition, the 180-day Gann cycle of the inner year is still in effect. This indicates that a change of direction may still occur.
If Cardano bulls want to get a clear picture of a reversal to a bullish price, they need to insist on a perfect breakout of the Ichimoku Bull. For this to happen, the Cardano price needs a daily close at $1.05 or higher.
The way to retest Cardano’s record high prices becomes easier when the price is above $1.05, as the volume profile is significantly reduced. However, we should expect a deviation at $1.30, where there is the second largest node with a large volume since 2021 and 38.2% Fibonacci retracement.
