ADA and DOGE Altcoin Analysis for November 8, 2023
Bitcoin is trading above the $35,000 mark, with volatility staying minimal over the past three weeks. Here's an overview of the market situation for Cardano (ADA) and Dogecoin (DOGE) as of Wednesday, November 8.
ADA has shown significant growth relative to Bitcoin's performance: since October 19, the asset price has risen by 55%, reaching a local high of $0.375.
The asset is currently trading sideways between a support zone of $0.331-$0.342 and a resistance range of $0.364-$0.375. Given the ongoing positive trend in the primary cryptocurrency chart and the absence of strong seller levels, the continuation of ADA's growth remains the more likely scenario.
Potential next targets for buyers could be the levels of $0.385 and the psychological mark of $0.400, which might be attained within this week.
If BTC undergoes a correction, ADA could experience a similar fate. Below the current support zone, buyer orders are present at levels of $0.325, $0.304-$0.314, and $0.300.
ADA chart on the H1 timeframe
Since October 19, Dogecoin has experienced a 30% rise, marking a decent yet relatively modest gain against the backdrop of progress made by some altcoins. Presently, the price of DOGE is hovering in a flat range, pinned between buyer zones at $0.0715-$0.0728 and seller zones at $0.0748-$0.0764.
A continuation of DOGE's upward trend seems to be the most probable outcome. Should this trend be confirmed, the asset could update its local high at the $0.0772 and $0.0790 marks, maintaining the potential for further growth.
Any correction in Bitcoin's chart could bring DOGE down to support levels at $0.0708, $0.0678-$0.0693, and $0.0665. The extent of such a correction depends entirely on the BTC performance.
DOGE chart on the H1 timeframe
Given the robust and sustained rally of altcoins, it's prudent to exercise caution when entering long positions and to strategically reduce exposure. The current lack of a correction in Bitcoin's trajectory indicates one might be on the horizon, a factor worth considering before engaging in asset acquisition.
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
This analysis was informed by the following educational materials and articles from GN Crypto: