Crypto analyst Akash Girimath notes that the price of Dogecoin (DOGE) is located on the sixth weekly candlestick that has failed to break out of the falling wedge pattern. Also, ApeCoin (APE) could drop to $9.64 as the chances of selling are high around the $12.28 support level. Analyst Jonathan Morgan, on the other hand, says that Cardano (ADA) price sits right above a recent support structure. We have compiled analysts’ technical analysis of DOGE, APE and ADA for our readers.
“Dogecoin price lags its action”
Dogecoin price has been in a bullish trend for nearly a year and is struggling to break out. Attempts to break this bull pattern have been going on for the sixth week. If successful, this moe could trigger explosive gains for early investors, but a failure could precipitate a steep collapse.
Dogecoin price action has only slid further down last year as it dropped 85% from its all-time high of $0.740 to the currently traded $0.126. Interestingly, this moe created three lower highs and lower lows on the southern weekly timeframe.
Connecting these swing points using trendlines defines a falling wedge pattern. This technical formation predicts a 68% rally to $0.217, with the distance between the initial high and low swing added to the breakout point.
After six failed attempts, Dogecoin is back to retest the $0.109 to $0.124 weekly demand zone. Given the bearish trend of the crypto markets, this drop could lead to a catastrophic collapse if DOGE breaks the $0.109 barrier.
Such a move could trigger a 30% pullback to $0.078 where buyers can come to the rescue. This move will invalidate the rising thesis of the falling wedge. In a dire situation, a break of $0.048 on a weekly timeframe could be a pivotal moment. This move could trigger a further 70% decline due to the fair value gap stretching from $0.041 to $0.014.
Things are at stake for Dogecoin, while a weekly candlestick above $0.159 confirms a bullish breakout. This development will also invalidate the bearish thesis and trigger a move that retests $0.217.
“ApeCoin price needs buyers”
ApeCoin price is on a rollercoaster ride as YugaLabs’ Otherside metaverse land sale hits an all-time high. As you can see from the kriptkoin.com news, due to the sudden increase in demand, the market value of APE skyrocketed and eventually collapsed as the hype waned.
ApeCoin price is down 56% from its all-time high of $27.49 on April 29 and is currently hovering around $11.95. The decline also broke the $12.8 support level and turned it into a resistance barrier.
However, a trend line drawn during the low swing formed on March 21, April 11, April 18 and May 8 indicates a sloping support level for ApeCoin price. If buyers fail to defend this level, APE is likely to trigger another collapse.
This time, ApeCoin price has close support at $10.64, but breaking this barrier could trigger a sell-off to the lower $9.64 range. In total, this move represents an 18% collapse.
APE 4-hour chart Despite what currently looks dire for ApeCoin price, a spike in buying pressure is pushing the altcoin to form a decisive four-hour candlestick above $14.43 will invalidate the decline thesis in the short run. A higher breakout from the May 5 high of $16.74 indicates a resurgence of buyers and a potential uptrend in play for ApeCoin price.
“Cardano risks another flash crash”
Cardano price faces a massive crash of $0.76. From the perspectives of Fibonacci, Ichimoku and Volume Profile, ADA could be on its way to one of its biggest declines in two years.
Cardano price sits right above the ultimate, primary support structure. The $0.76 level represents the 61.8% Fibonacci retracement and the upper range of the current 2022 low. It is also the end of a high volume node in the 2021 Volume Profile.
Below $0.76 is price discovery until the next higher node and 2021 Volume Control Point in the $0.35 value area. Any long time spent below $0.76 increases the likelihood of a massive flash crash for Cardano price.
From the perspective of Ichimoku, Cardano price is in a clear bearish trend on the daily chart. However, a Kumo Twist occurs on May 14, so any downtrend or ongoing sideways trading could end around this date. In addition, the 180-day Gann Cycle of the Inner Year is still in play. This indicates that a change of direction is still possible.
Cardano bulls need to push for the Ideal Taurus Ichimoku Breakout if they want a clear picture of a bullish price reversal. For this to happen, Cardano price needs a daily close of $1.05 or higher.
ADA daily chart of Ichimoku Kinko Hyo The way to retest all-time high Cardano prices becomes increasingly easy above $1.05 as the Volume Profile thins significantly. However, rejection should be expected at $1.30, where the second largest high-volume node from 2021 and the 38.2% Fibonacci retracement are present.
10904
