Cardano, Neo, Dogecoin Price Analysis: 19 October

Tuesday 20 October 2020, 4:06 AM AEST - 1 month ago

Bitcoin climbed well past $11,500, before a minor drop pulled its press time trading price to $11,504. Its strong defense of the $11,200-level and its subsequent rise to $11,500 could lend bullish impetus to the altcoin market in the coming days.

As for the altcoins, Cardano moved above a short-term moving average as its momentum shifted from bearish to bullish. Neo appeared to be consolidating above the support level, but a move to the downside was also on the cards. Dogecoin highlighted bearish momentum in recent weeks and showed no sign of reversing its trend.

Cardano [ADA] PA-5-ADAUSD-1.pngSource: ADA/USD on TradingView

The crypto-asset formed bearish twin peaks on the Awesome Oscillator (white) as it registered a higher high. The price subsequently corrected from $0.112 to $0.103.

The 50 SMA (yellow) on the 4h charts acted as support and resistance levels recently. In fact, ADAs price appeared to breach the moving average at press time, just as the Awesome Oscillator crossed over zero, indicating a shift in momentum to the bullish side.

Taken together, ADA could be set to move toward $0.112 again.

Neo [NEO] Pa-5-NEOUSDT.pngSource: NEO/USDT on TradingView

The Bollinger Bands were tightening around the cryptocurrencys price and underlined a period of low volatility for the crypto-asset. Further, there appeared to be a breakout a few trading sessions prior, but sellers pushed the price down just as quickly. In fact, the move didnt have great volume either.


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