Biggest Movers: DOGE Hits 2-Month High, ADA Rallies by 10%

By | October 26, 2022

A day after hitting a one-week high, dogecoin raced to a two-month high earlier in today’s session. Wednesday’s surge in price comes as the global cryptocurrency market was up by nearly 7% on the day. Cardano also traded higher, climbing by over 10% in the process.

Dogecoin (DOGE)

Dogecoin (DOGE) rose higher for a second straight session, as the token surged to a multi-month high on Wednesday.

During today’s session, DOGE/USD surged to an intraday peak of $0.06868, which comes a day after it was trading at a low of $0.06062.

Wednesday’s top saw the meme coin hit its highest point since August 25, when the token reached a top of $0.0718.

DOGE/USD – Daily Chart

Looking at the chart, today’s move comes as DOGE rose above a key resistance point of $0.0670.

As a result of today’s peak, the 14-day relative strength index (RSI) also hit its strongest mark since mid-August.

An upward crossover between the 10-day (red) and 25-day (blue) moving averages also seems imminent, which could lead to dogecoin climbing above $0.0700.

Cardano (ADA )

Another notable mover in today’s session was cardano (ADA ), which rallied by over 10% on hump-day.

Following a low of $0.3704 on Tuesday, ADA /USD moved to a high of $0.4142 earlier in today’s session.

The move saw cardano hit its highest point in two weeks, with bulls seemingly targeting a key resistance point.

ADA /USD – Daily Chart

Looking at the chart, the aforementioned ceiling appears to be the $0.4325 point, which was last hit on October 10.

Bulls hoping to move towards this mark may face opposition, as the RSI nears a roof of its own.

See also  Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as ‘Bellatrix’ Hard Fork Commences

The index is currently tracking at 55.18, which is marginally below a resistance point of 58.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect cardano to hit this resistance level? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Jcquirin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer