Dogecoin, Cardano & Bitcoin – American Wrap 07 July
A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet’s analysts evaluate where BTC could be heading next as it seems bound for a correction before higher highs.
Cardano price has oscillated around the 2018 high for much of 2021, either striking resistance at the level or support. Thus, the weekly close above $1.40 last week was a bullish departure from the daily rejections that dominated trading in the last week of June. Nevertheless, the lack of volume underpinning the bullish event combined with no follow-through this week, and a notable layer of resistance around $1.55 may project a quick reversal of fortune for ADA.
Dogecoin price staged a notable 90% rebound from June 22 to June 25. It was a welcome change from the weakness that defined price through much of May and June. However, since June 25, DOGE has not translated the initial bounce into a sustainable rally, reaching the 50-day simple moving average (SMA) or higher. In reality, the meme token broke below the lower trend line of the minor symmetrical triangle pattern plotted since June 25.