A day after hitting a one-week high, dogecoin raced to a two-month high earlier in today’s session. Wednesday’s surge in price comes as the global cryptocurrency market was up by nearly 7% on the day. Cardano also traded higher, climbing by over 10% in the process.
Dogecoin (DOGE) rose higher for a second straight session, as the token surged to a multi-month high on Wednesday.
During today’s session, DOGE/USD surged to an intraday peak of $0.06868, which comes a day after it was trading at a low of $0.06062.
Wednesday’s top saw the meme coin hit its highest point since August 25, when the token reached a top of $0.0718.
Looking at the chart, today’s move comes as DOGE rose above a key resistance point of $0.0670.
As a result of today’s peak, the 14-day relative strength index (RSI) also hit its strongest mark since mid-August.
An upward crossover between the 10-day (red) and 25-day (blue) moving averages also seems imminent, which could lead to dogecoin climbing above $0.0700.
Another notable mover in today’s session was cardano (ADA), which rallied by over 10% on hump-day.
Following a low of $0.3704 on Tuesday, ADA/USD moved to a high of $0.4142 earlier in today’s session.
The move saw cardano hit its highest point in two weeks, with bulls seemingly targeting a key resistance point.
Looking at the chart, the aforementioned ceiling appears to be the $0.4325 point, which was last hit on October 10.
Bulls hoping to move towards this mark may face opposition, as the RSI nears a roof of its own.
The index is currently tracking at 55.18, which is marginally below a resistance point of 58.00.
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Do you expect cardano to hit this resistance level? Let us know your thoughts in the comments.
October 27, 2022
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