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Dogecoin’s price action has been under intense pressure after another support level at $0.175 failed to hold, leading to a decline toward a crucial zone. The latest daily candle closed with a lower wick after a rebound from the $0.143 level, but technical analysis of the Dogecoin price warns that there may still be more volatility. 

Despite a temporary rebound in the past 24 hours from $0.143, there are lingering risks of another downturn. Notably, crypto analyst Trader Tardigrade noted in an analysis that there’s still more work to be done for Dogecoin price reversal to occur. 

Price Rejection At $0.143: Temporary Rebound Or Weak Recovery?

Crypto analyst Trader Tardigrade highlighted Dogecoin’s interaction with the $0.143 support level, noting that the daily candle formed a lower wick at $0.14297 before bouncing. This development suggests that buyers stepped in at this price level to prevent more breakdown. However, Tardigrade cautioned that this price rejection alone is not a confirmation of a sustained recovery. The market could still see further tests of this level, potentially with an eventual brief breakdown before any meaningful uptrend can take place.

The recent decline follows an earlier warning from Tardigrade, who had identified $0.143 and $0.128 as reversal levels after Dogecoin closed below $0.175. Once that support was lost, sellers gained control and pushed the price downward. Although Dogecoin has managed to hold $0.143 for now, the market sentiment remains fragile in fear zone, and it is yet to be clear whether the latest bounce has enough strength to lead to a reversal or if more downside is ahead in the coming days.

More Dogecoin Price Manipulation Before A Real Reversal?

Dogecoin has been caught in a persistent downtrend over the past two weeks, mirroring the broader weakness seen across the crypto market. This sustained decline has resulted in the leading meme coin losing multiple key support levels in rapid succession, essentially erasing the bulk of its price gains in the final quarter of 2024.  

Investors are currently rolling back on their investments in DOGE, even though it has become known as the choice for retail investors compared to Bitcoin and other large-market cap cryptocurrencies. According to on-chain data, investor sentiment around Dogecoin is at its most negative level of -0.93 in over a year.

Tardigrade’s analysis suggests that Dogecoin could still experience price manipulation in the form of a brief dip below $0.143 before recovering. “Price rejection is only the first early sign of reversal. We still need to monitor the price action,” he said. 

This outlook looks similar to that of another crypto analyst who noted that Dogecoin might reach as low as $0.12 in the current downtrend before undergoing any major bullish reversal.

At the time of writing, DOGE is trading at $0.1702, fluctuating within a tight range between $0.1624 and $0.1726 over the past 24 hours.

Featured image from iStock, chart from Tradingview.com

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Cardano price is facing strong resistance as it struggles to maintain momentum above the $0.70 mark. The price battle comes amid the U.S. SEC delaying its decision on the Canary Capital ADA exchange-traded fund (ETF) application until May 29, prolonging uncertainty in the market. While whale accumulation suggests confidence among investors, ADA price action remains constrained within key technical levels, raising concerns about a decline to $0.30.

Cardano Price: Analysts Warn of a Drop To $0.30

According to recent Cardano price trends, the top altcoin remains in a critical position as it hovers around the $0.70 mark. Analysts warn that if ADA fails to hold above this level, the price could drop to $0.50 and potentially extend losses toward $0.30.

Crypto analyst Dan Gambardello noted that ADA is struggling to hold its 200-week moving average, a crucial technical indicator. If the altcoin loses support in this range, selling pressure may increase, pushing the price lower. This scenario aligns with past market trends, where similar breakdowns resulted in sharp declines. 

Moreover, Gambardello described the top altcoin as being “at war,” highlighting the uncertainty caused by the SEC’s decision to delay ETF ruling. This delay has left investors hesitant, with many awaiting regulatory clarity before making moves.

Additionally, Gambardello warned that external economic factors, such as the Federal Reserve’s policy decisions, could further impact ADA price. If the Fed’s actions disappoint the market, volatility could drive crypto prices lower, with ADA potentially dropping to $0.50.

However, a sustained hold above the 200-week MA and a break past $0.78-$0.80 could trigger bullish momentum, possibly pushing ADA toward $1.25. This level, Gambardello suggests, represents the “upper end of the bull market doors,” a critical threshold Cardano price.

Technical Pattern Suggest Breakout

Additionally, Ali Martinez identified a right-angle descending wedge pattern in Cardano price movements, signaling a potential breakout. The altcoin price is currently squeezed between a downward-sloping trendline and horizontal resistance, a setup that often precedes a significant price shift.

For a bullish breakout, ADA must break above the $1.20 resistance level. If this occurs with strong momentum, it could trigger further upside movement. However, failure to surpass resistance may result in extended consolidation or a downward move to the  $0.30 mark.

Whale Investors Accumulate 180M ADA

Despite recent volatility, large investors have increased their holdings in Cardano. On-chain data shows that wallets holding between 1 million and 10 million ADA have accumulated 180 million tokens in the past week. This trend suggests strong confidence among major investors.

Whale accumulation often reduces the circulating supply, potentially leading to price stabilization or upward movement. 

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Grayscale Cardano ETF. This delay adds to market uncertainty, as ETF approvals often influence investor sentiment. The SEC has also delayed other crypto ETF applications, including those for Solana, XRP, Dogecoin, and Litecoin.

Additionally, The Simpsons shared a more intriguing prediction by suggesting the top altcoin could reach $36, sparking debate among investors.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.