Bitcoin climbed well past $11,500, before a minor drop pulled its press time trading price to $11,504. Its strong defense of the $11,200-level and its subsequent rise to $11,500 could lend bullish impetus to the altcoin market in the coming days.
As for the altcoins, Cardano moved above a short-term moving average as its momentum shifted from bearish to bullish. Neo appeared to be consolidating above the support level, but a move to the downside was also on the cards. Dogecoin highlighted bearish momentum in recent weeks and showed no sign of reversing its trend.
Cardano [ADA]
Source: ADA/USD on TradingView
The crypto-asset formed bearish twin peaks on the Awesome Oscillator (white) as it registered a higher high. The price subsequently corrected from $0.112 to $0.103.
The 50 SMA (yellow) on the 4h charts acted as support and resistance levels recently. In fact, ADA’s price appeared to breach the moving average at press time, just as the Awesome Oscillator crossed over zero, indicating a shift in momentum to the bullish side.
Taken together, ADA could be set to move toward $0.112 again.
Neo [NEO]
Source: NEO/USDT on TradingView
The Bollinger Bands were tightening around the cryptocurrency’s price and underlined a period of low volatility for the crypto-asset. Further, there appeared to be a breakout a few trading sessions prior, but sellers pushed the price down just as quickly. In fact, the move didn’t have great volume either.
The Chaikin Money Flow was floating in sellers’ territory as it highlighted capital flows out of the market. A close beneath the support at $16.68 would invalidate any notion of consolidation above the support.
It had previously dipped as low as $16, before bouncing to $18.3, but the bulls were unable to make the bears cede further ground.
Dogecoin [DOGE]
Source: DOGE/USDT on TradingView
DOGE has been bouncing weakly off the $0.00257-support for almost a month now. Each retest can be expected to weaken the aforementioned level.
The MACD was in bearish territory, but formed a bullish crossover, giving a buy signal.
However, a bullish scenario appeared to be unfolding. Over the past month, the buying volume on the crypto-asset has steadily set higher lows, even as the price consolidated around the $0.00258-level with an occasional dip beneath.
DOGE can be considered to be trading within a range between a high at $0.0027 and a low at $0.00257, with DOGE in the accumulation phase.
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