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The larger crypto markets remain under pressure from macroeconomic uncertainty, with inflation and rate path ambiguity clouding short-term sentiment.
In the last 24 hours, $613 million in leveraged positions were liquidated across the crypto market, according to CoinGlass data, with longs accounting for the majority of the losses.
The continuing sell-off has dragged Bitcoin and Ethereum down 3.7% and 7.13% over the past seven days. Dog-themed cryptocurrency, Dogecoin (DOGE), fell even more, by around 18% during the same period. Dogecoin's 18% weekly plunge is the most severe among the top 10 cryptocurrencies by market capitalization, followed by Cardano.
Cardano was recently trading at $0.7126, marking a 13.55% drop in the last seven days. Solana was down 13.06% in the same time frame. Altcoins generally remain under pressure as traders pile into leveraged bets.
Dogecoin (DOGE) price action
Dogecoin was recently trading at $0.199, down 2.66% in the last 24 hours. Bears sold near the July 21 high at $0.287, pulling the DOGE price near the daily SMA 50 support at $0.194. Dogecoin could oscillate within the broad range of $0.14 and $0.29 for a little while longer as the daily RSI remains slightly below the midpoint.
The next support on the downside is at the 50-day SMA ($0.194). If the price rebounds off the 50-day SMA, the bulls will try to push the price above $0.22 and then $0.287. On the contrary, a break below the 50-day SMA opens the gates for a drop toward $0.14.
Cardano (ADA) price action
After reaching a high of $0.935 on July 21, Cardano steadily fell to a low of $0.695 on Friday, indicating that the bulls might be losing control. The price is now nearing the daily SMA 50 at $0.68 following the loss of the daily SMA 200.
Both moving averages are flattening out, and the RSI is slightly below the midway, indicating that the market may remain range-bound in the short term.
A bounce off the 50-day SMA is expected to face selling at $0.8. If the ADA price breaks below the 50-day SMA, it might suggest bears are taking control. ADA might then fall to $0.56 and then $0.50.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team