Investors Analyze Dogecoin, Cardano, and Avalanche Prices

Investors Analyze Dogecoin, Cardano, and Avalanche Prices

Investors continue to monitor altcoins alongside Bitcoin, particularly those ranked among the top 10 by volume. As the day of August 29 approaches, investors are eager to understand potential price movements for DOGE, ADA, and AVAX.

Dogecoin Price Analysis

On August 24, Dogecoin (DOGE) began a downward trend from its 50-day SMA of $0.11, and on August 26, fell below its 20-day EMA of $0.10. This raised concerns among investors.

DOGE is expected to find support between $0.10 and $0.09. Bulls may attempt to push the price above the falling wedge formation, signaling an end to the current downtrend. A breakout above this formation could result in an upward move towards $0.14.

Conversely, a price drop below the support zone would indicate ongoing bear influence. DOGE could then fall to the strong support at $0.08 or potentially lower.

Cardano Price Analysis

Cardano (ADA) also experienced a decline on August 26, falling below its 50-day SMA of $0.38, indicating reduced demand.

As the price continued to fall, ADA breached its 20-day EMA of $0.36 on August 27. A minor support level exists at the uptrend line, but if this level breaks, the price may decline to $0.31.

However, if a trend reversal occurs and the price rises from current levels, bulls may aim to push it back above the 50-day SMA. If successful, a rally towards the downtrend line could ensue.

AVAX Analysis

On August 25, Avalanche (AVAX) moved downward from the resistance line of the descending channel formation, demonstrating bearish resistance to breakout attempts.

Following the downward push, the price reached its 20-day EMA of $23.89, a critical point of defense for bulls. If the price rebounds strongly from this level, it could suggest that dips are being acquired.

This could trigger a breakout above the channel, allowing for a rally towards $33 and potentially $37. However, a bearish scenario could result in a drop to $19.50 or further.