Algorand, Cardano, Dogecoin Price Analysis: 09 October
At the time of writing, Bitcoin, the world’s most dominant cryptocurrency, was consolidating on the charts, with BTC attempting to cross the much-anticipated $11,000-mark again. This will be Bitcoin’s latest attempt after the crypto failed to breach the level last time. At the time, not only did BTC drop on the charts, but so did many of the market’s alts, including the likes of Cardano, Algorand, and Dogecoin.
The last few months haven’t been great for Cardano, especially since they came on the back of a few very fruitful months for the cryptocurrency. In fact, ADA was on a surprisingly steep uptrend for a long time between the months of June and August, a rally that saw many commentators speculating that Cardano would lead the next altseason. Since hitting a local top in mid-August, however, ADA has fallen dramatically on the back of an equally steep downtrend.
While ADA seemed to recover towards the end of September, Bitcoin’s fall over 1-2 October stalled any momentum, with ADA noting losses of over 8% over the previous week. Despite its recent performance, however, ADA was noting YTD gains of 185%, at the time of writing.
While the dotted markers of the Parabolic SAR were well placed above the price candles and underlined the bearishness in the market, the mouth of the Bollinger Bands seemed to be widening, a sign of incoming price volatility.
The Cardano Foundation recently got many in the community excited after it outlined its strategy for creating a decentralized, self-sustaining community.
The market’s 46th-largest cryptocurrency, Algorand has been trading sideways for a while now, with ALGO oscillating within the same price range for over 2 weeks. While the market fall did pull down the value of ALGO by 18%, the crypto continued to trade within the aforementioned range. ALGO’s present movement comes on the back of a steady downtrend that saw the crypto’s value depreciate since it hit a local top in mid-August.
Algorand’s technical indicators didn’t promise much cause for optimism either as while the Chaikin Money Flow was just under zero and underlined the strength of capital outflows, the Awesome Oscillator highlighted the bearish nature of the prevailing market momentum.
The crypto-market’s favorite meme coin, Dogecoin has seen better days, with the highlight of its year being the 120% hike DOGE noted back in July. Since then, the meme coin has fallen on the charts, with its fortunes not improved upon by the rest of the altcoin market rallying in the months of July and August. In fact, the cryptocurrency’s price has been on a gradual downtrend for over a month now, with the general sluggishness of the market affecting its own performance as well.
Despite recent developments, however, DOGE still was registering YTD gains of over 30%, at press time.
Finally, Dogecoin’s technical indicators were strictly neutral as while the Relative Strength Index was close to 50 and suggested a balance between the buyers and the sellers in the market, the MACD line was just barely over the Signal line.