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Cardano Looses Its Steam
PLUS: Analysis on DOGE, XRP & PEPE
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🚂 Cardano Looses Its Steam
Word On The Street: Cardano has recently fallen out of the top 10 cryptocurrencies by market cap, dropping 3% over the past seven days.
The details:
Once a prominent player in the crypto rankings, peaking at third place during the 2021 bull cycle, ADA now finds itself in the 11th position.
This is not the first time Cardano has slipped out of the top 10. In May, Toncoin surpassed ADA when it surged by 30% over two weeks.
This shift occurs amid a broader market correction, which has seen many cryptocurrencies fall below key support levels.
Why it matters: Cardano's blockchain has been criticized as a “ghost network,” with only 23,807 active addresses compared to Ethereum’s 350,000 and Tron's 1.9 million.
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Traders Corner (Premium)
Welcome, Traders!
Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️
Reports from our analysts today:
Dogecoin Technical Analysis (Free)
XRP Technical Analysis (Paid)
Pepe Technical Analysis (Paid)
TRADERS CORNER
🐶 Dogecoin Technical Analysis
Dogecoin (DOGE) is approximately $0.10522, hovering near the VWAP (Volume Weighted Average Price) line. The price action is tightly oscillating within the first standard deviation band of the VWAP, suggesting a period of consolidation. This indicates a neutral momentum with neither buyers nor sellers showing significant dominance.
Trend Analysis:
Dogecoin shows a symmetrical triangle pattern forming, with the price action narrowing as it approaches the apex. This pattern typically indicates a period of consolidation before a breakout in either direction. The recent price action shows higher lows and lower highs, which further supports the triangle formation. Both buyers and sellers appear to be waiting for a clear direction before making their moves, leading to a balance in control.
Support and Resistance Levels:
- Immediate Support: $0.10431 (VWAP's lower deviation band)
- Critical Support: $0.10348 (lower standard deviation band from the VWAP)
- Immediate Resistance: $0.10597 (upper deviation band)
- Critical Resistance: $0.10680 (upper standard deviation band)
These levels are crucial as the price approaches the apex of the triangle, where a breakout could test these support or resistance levels.
Potential Scenarios:
1. Bullish Reversal: If the price breaks above the upper trendline of the triangle and surpasses the $0.10597 resistance, it could indicate a bullish reversal with a potential target around $0.10680 or higher, depending on the breakout volume.
2. Continuation of the Downtrend: A breakdown below the lower trendline and through the $0.10431 support could suggest a continuation of the downtrend, potentially pushing the price toward $0.10348 or lower, depending on market sentiment.
3. Consolidation: If the price remains within the triangle and continues to trade sideways near the VWAP, we could see further consolidation before a decisive move occurs.
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