Is Momentum Building For AVAX, DOGE?

Crypto Coin Analysis
  • Total crypto market value rose 4% in the last 24 hours on Tuesday.
  • Bulls are determined to bring Dogecoin back up to the $0.1 mark, which it currently trades at $0.0858.
  • If AVAX’s RSI shows a positive divergence, it might rise above $50.

Market capitalisation for cryptocurrency increased by 4.4% on Tuesday. According to CoinMarketCap, it was currently hovering about $1.31 trillion at the time of writing. Bitcoin’s (BTC) 4.4% gain over the same period fueled the current relief rally, which wiped the prior week’s losses. The price of Ethereum (ETH) has risen by 5% as it approaches the $2,000 milestone.

ADA (Cardano) was the only large-cap cryptocurrency to achieve double-digit increases in the recent 24 hours, with a 25 percent increase. There were no gains above 4% for the likes of BNB, SOL, Dogecoin, DOT, Polkadot, or Avalanche (AVAX).

DOGE Price Analysis

On May 26, Dogecoin fell below $0.08, then rebounded strongly on May 27. This indicated that investors were taking advantage of the market’s falls. The sellers, on the other hand, were unwilling to give up their position and fought back vigorously at resistance at $0.09.

A move above $0.09 is expected by bulls now. In theory, DOGE might reach a psychological value of $0.10 if they succeed. However, if the price goes above this barrier, it may surge to $0.12 before acting as a new barrier.

TradingView Export : DOGE/USD

Both the moving averages and the RSI were pointing downwards. T he price was still indicating that the bears were still in control. This would indicate that sellers are taking gains on the rallies to $0.09, as would a daily candlestick close below $0.08. Psychological level might bring the coin down.

Avalanche Price Analysis

On May 27, AVAX fell below the significant support level of $20, but the bears were unable to hold the price there. Regaining the $25 level on May 28 was achieved by bulls who took advantage of the downturn.

As a result, the bulls may now aim to drive the price up to the crucial $30 psychological threshold. Sellers may attempt a retest at the $21.85 swing low if the token declines from this barrier. AVAX’s price could fall to $20 if it breaks through this barrier.

TradingView Export : AVAX/USD

The RSI showed a hidden positive divergence, indicating that the selling pressure may be reducing slightly. AVAX may rise to $40 if bulls push the price above $30 and then try to climb to $50, where the 50-day SMA is located.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry.