Cardano, Tezos, Dogecoin Price Analysis: 07 February

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ADA countered bearish predictions over the past 24=hours and climbed to the fourth position in the crypto rankings on the back of buying pressure. Tezos might need an external boost to surpass its $3.5 local high while DOGE climbed to another record level.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano invalidated any bearish indications to its price and positioned itself as the fourth-largest cryptocurrency by market cap after its price surged by an additional 25% in the last 24 hours. The market cap clocked in at $21.25 billion after the latest rise, while the 24-hour trading volumes rose north of $10 billion. At the time of writing, ADA traded at $0.682, which was just 42% off from its 2018 all-time high.

Even though the indicators pointed towards a correction, it was uncertain whether the strong buying activity could be toppled over the next few sessions. The Relative Strength Index traded well into the overbought region and the candlesticks moved along the upper band of the Bollinger Bands. An extended bull run could see ADA surpass the $1-mark. Nevertheless, a correction is an inevitability and a trend reversal could be confirmed if the bulls lose out to the $0.44 level.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Tezos‘ uptrend since the start of the year was clear on its 4-hour chart as the price snapped higher highs and lower lows. Despite the uptrend, stronger bullish momentum could be required for XTZ to move above its most recent local high of $3.5. Moreover, a dip in trading volumes and in the On Balance Volume worked against a bullish prediction over the coming sessions. If the bulls lose out to the $3.15 level, it could lead to a short-term downtrend.

Source

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