Following aggressive buying at lower levels, several altcoins such as Cardano [ADA], Dogecoin [DOGE], as well as Polkadot [DOT] made a sharp recovery. These tokens hit an inflection point while building on the upside momentum.
Cardano [ADA] bears may offer a stiff resistance
After the upswing, Cardano [ADA] was being traded at $1.20 as it held a market cap of $38.09 billion and a 24-hour trading volume of $1.80 billion, at the time of writing.
The spike in volatility turned out to be bullish for ADA. The single green closing candle of the Awesome Oscillator [AO] depicted a bullish flip in the coin market. The Chaikin Money Flow [CMF] failed to note capital inflow. Instead, it fell right through the half-line depicting otherwise. The Relative Strength Index’s [RSI] attempted to make a move above the 50-median line. If this materializes, the asset could see renewed buying sentiment which could push the price higher.
Hence, Cardano’s price could see green signals despite the presence of downside pressure. The token’s support area stood at $1.036, and $0.847 while the resistance levels were at $1.48, $1.84, and $2.30 respectively.
Dogecoin [DOGE] sellers still in control
Despite the recovery, the bears are unlikely to give up the fight. As the crypto market flashed green, DOGE took another tumble after a brief upside. Over the past 24-hours, the asset fell by 4.73% which pushed its price to $0.193. At the time of writing, DOGE registered a market cap of $25.02 billion and a 24-hour trading volume of $3.65 billion.
The converging Bollinger Bands suggested a phase of stagnancy in the market. Additionally, the low volume posed a major cause of concern. The Klinger Oscillator also depicted a tight phase and the continuation of rangebound price action.
In this case, the crypto-asset could potentially oscillate between the $0.26-$0.16 scope. Bears may try to sink Dogecoin’s price to $0.047. On the flip side, if the digital asset manages to break away from the consolidation trap, resistance levels such as $0.422, and $0.561 could come into play.
Polkadot [DOT] sees a favorable tailwind
After weeks of sell-off, Polkadot [DOT] picked up the pace and rose by 6.85% over the past day. The DeFi token was currently priced at $13.29 as it held a $12.6 billion market cap and a 24-hour trading volume of $1.15 billion.
The latest uptrend has failed to shift the dotted markers of the Parabolic SAR in its favor. But the MACD undergoing a bullish crossover was indicative of an increase in buying demand in the DOT market. The Stochastic RSI was also headed towards the overbought zone indicating a similar sentiment of rising buying pressure among the investors.
Bulls may push Polkadot’s price to $16.85. If this level breaks, the asset could target other resistance levels of $25.86, and $29.0. On the other hand, the support levels were found to be at $10.83, and $5.05 respectively.
