Dogecoin Price Faces Key Support Amid Market Uncertainty as Weekly Decline Outpaces Cardano

• Dogecoin (DOGE) price recently traded near $0.199, testing key support at the 50-day SMA of $0.194.

• Cardano (ADA) dropped to $0.7126, facing resistance near $0.8 and potential downside to $0.56 if support breaks.

• Over $613 million in leveraged crypto positions were liquidated in 24 hours, mostly long positions, intensifying market volatility.

Dogecoin and Cardano prices fall amid crypto market pressure. Discover key support levels and market trends. Stay informed with COINOTAG.

What is Driving Dogecoin and Cardano Price Declines?

Dogecoin and Cardano prices are declining due to macroeconomic uncertainty and significant leveraged liquidations across the crypto market. Inflation concerns and unclear interest rate paths have dampened investor sentiment, leading to a sell-off that dragged Bitcoin and Ethereum down by 3.7% and 7.13%, respectively, over the past week.

How Has Dogecoin’s Price Action Evolved Recently?

Dogecoin (DOGE) traded at $0.199, down 2.66% in 24 hours, with bears pushing the price near the 50-day Simple Moving Average (SMA) support at $0.194. The daily Relative Strength Index (RSI) remains slightly below midpoint, suggesting potential sideways movement between $0.14 and $0.29. A rebound above $0.22 could trigger bullish momentum, while a break below $0.194 may lead to further declines toward $0.14.

What is the Current Status of Cardano’s Price?

Cardano (ADA) recently fell 13.55% to $0.7126 after peaking at $0.935 on July 21. The price is approaching the 50-day SMA at $0.68 after losing the 200-day SMA, with both averages flattening and the RSI below midpoint. This suggests a range-bound market in the short term. Resistance is expected near $0.8, while a drop below $0.68 could push ADA toward $0.56 and possibly $0.50.

Why Are Leveraged Liquidations Impacting Crypto Prices?

Over $613 million in leveraged positions were liquidated in the past 24 hours, predominantly long positions, according to CoinGlass data. This forced selling adds downward pressure on prices, intensifying volatility and contributing to the recent declines in Dogecoin and Cardano.

Frequently Asked Questions

What are the key support levels for Dogecoin and Cardano?

Dogecoin’s critical support is at the 50-day SMA of $0.194, while Cardano’s key support lies near the 50-day SMA at $0.68. Breaching these levels may lead to further price declines.

How do leveraged liquidations affect crypto prices?

Leveraged liquidations force traders to close positions quickly, causing sharp price drops and increased market volatility, as seen with the recent $613 million in liquidations.

Key Takeaways

• Dogecoin and Cardano prices have declined sharply due to macroeconomic uncertainty and leveraged liquidations.
• Technical support levels at the 50-day SMA are crucial for both DOGE ($0.194) and ADA ($0.68) to watch for potential rebounds.
• Market volatility is expected to continue as traders react to liquidations and unclear economic signals.

Conclusion

The recent price declines in Dogecoin and Cardano reflect broader crypto market pressures driven by macroeconomic uncertainty and leveraged liquidations. Monitoring key support levels and market indicators will be essential for traders navigating this volatile environment. COINOTAG will continue providing timely updates to help investors stay informed.

• Dogecoin and Cardano prices have declined sharply amid ongoing macroeconomic uncertainty and leveraged liquidations impacting the crypto market.

• Over $613 million in leveraged positions were liquidated in 24 hours, intensifying selling pressure on major cryptocurrencies.

• COINOTAG data highlights key support levels for DOGE at $0.194 and ADA at $0.68, critical for potential price rebounds.

Dogecoin and Cardano prices fall amid crypto market pressure. Discover key support levels and market trends. Stay informed with COINOTAG.

Dogecoin (DOGE) Price Action Amid Market Volatility

Dogecoin traded at $0.199, down 2.66% in 24 hours, with the price testing the 50-day SMA support at $0.194. The daily RSI remains slightly below midpoint, indicating potential sideways movement between $0.14 and $0.29. A rebound above $0.22 could signal bullish momentum, while a break below $0.194 may lead to further declines toward $0.14.

Cardano (ADA) Faces Resistance and Support Challenges

Cardano fell 13.55% to $0.7126 after peaking at $0.935 on July 21. The price is near the 50-day SMA at $0.68 after losing the 200-day SMA, with both averages flattening and RSI below midpoint. Resistance is expected near $0.8, while a break below $0.68 could push ADA toward $0.56 and $0.50.