DOGE is seeing a slight increase in buying pressure at the time of writing. It may be the result of an impending ETF, as Bitwise announced on August 29 that it amended its Dogecoin ETF filing to include in-kind redemption. Its amendment will allow direct DOGE-for-shares exchanges.
The coin is experiencing such an increase in pressure amid the over 47% drop in trading. At the same time, this may be attributed to the normal trend on weekends. However, a closer look at the volume indicator shows that it has been on a gradual decline since August 25.
Nonetheless, this trend is consistent across the entire crypto market. Crypto assets saw the largest volume on Monday but registered massive losses. The global cryptocurrency market is valued at $3.72 trillion at the time of writing, with a volume drop of more than 30%.
Calls of altseason gradually drowned out as the week started. However, the calls may remain reduced for an extended period as the altcoin season index is declining. It reached its second-highest point of the month last week, but is at its lowest reading this week.
This means that altcoins are not edging against Bitcoin, and the downtrend across the market is uniform. However, some assets in the top 20 are seeing slight increases at the time of writing. Let’s examine their performances so far.
DOGE/USD
Monday was the most bearish day of the week as DOGE saw massive losses. The coin dropped by almost 10% but saw gradual increases over the next three days.
However, Friday was another day of significant losses. The asset retraced to a low of $0.209 from its previous high of $0.224. It saw slight retracements afterwards, but closed with losses exceeding 4%.
Nonetheless, the memecoin prints a doji at the time of writing. It saw a slight correction in the early hours of Saturday but rebounded. A closer look at price actions over the last five shows that the asset traded between bollinger’s middle and lower bands since losing the SMA on Monday.
The bollinger bands show that DOGE rebounded from the lower line on the first day of the week. It repeated the same trend on Tuesday, suggesting that the mark served as tough support. However, it is also worth noting that the fibonacci retracement levels also pointed to $0.205 as a critical level.
The memecoin tested the 61% fib level but rebounded and has held the mark throughout the last five days. With metrics adding importance to this barrier, the asset must maintain trading above it.
ADA/USD
A look at the 1-day chart reveals that Cardano has been predominantly bearish over the last five days. It kicked off on Monday with significant losses, retracing from $0.94 to $0.83 and ending the day with a loss of almost 8%.
Although it saw slight attempts, they yielded small results, and ADA experienced another massive decline on Friday. On the 1-week scale, it is down by almost 10% but the 1-day chart shows a slight recovery underway.
Nonetheless, the asset dropped slightly lower a few hours ago, edging closer to bollinger’s lower band. Cardano traded close to the middle band for most of the week but strayed far from it on Saturday.
Although the coin is seeing slight increases at the time of writing, previous price movements suggest that ADA must maintain its current price, as it’s far from a tough support level. The fibonacci retracements indicate that the 61% level is toughest at the time of writing.
LINK/USD
LINK retraced a few hours ago, like DOGE. However, it is trading slightly higher at the time of writing. While it registered a deeper low than the previous day, its smaller candle indicates that the asset is seeing less selling pressure and reduced volatility.
Nonetheless, the coin registered significant losses on Friday, dropping from $25.1 to $23.1. Although it rebounded, it lost 7%.
However, the 1-day chart shows that the altcoin saw a pullback at the same level twice. LINK rebounded to $22.8 a few hours ago after testing the mark on Tuesday. The price movement indicates the mark as a short-term support.
Nonetheless, the Fibonacci retracement levels indicate that the asset is trading a bit far from the key zone. To the top is the 23% mark at $24.2, and downward lies the 38% fib level at $22. Given the ongoing downtrend, the coin must maintain its current price.
HYPE/USD
Tuesday was the most bullish day of the week for HYPE. It surged from $42.3 to a high of $49.7, closing with gains exceeding 13%. It attempted to continue the uptrend on Wednesday with limited success. The coin peaked at $51 but subsequently retraced, losing nearly 4%.
The 1-day chart indicates that the asset has been in decline since then. However, it found support, halting its downtrend. It retraced to a low of $43.2 on Friday before rebounding and repeating the move a few hours ago.
Nonetheless, previous price movements suggest that the asset is trading near a level with notable demand concentration. HYPE rebounded on several occasions at $ 42.4, using the mark as a launchpad to break through resistance.
However, the bollinger band shows that the asset is trading below its SMA, a move that may signify growing downward momentum.
SUI/USD
Like DOGE, SUI prints a doji on the 1-day scale following its rebound. Trading actions on Saturday are more bullish than the previous day.
However, the 1-day chart shows that the altcoin saw a pullback at the same level twice. SUI rebounded to $3.2 a few hours ago after testing the mark on Friday. The price movement indicates the mark as a long-term support.
Nonetheless, the Fibonacci retracement levels indicate that the asset is trading a bit far from the key zone. To the top is the 61% mark at $3.32, and downward lies the 78% fib level at $3. Given the ongoing downtrend, the coin must maintain its current price.
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