Bitcoin and select altcoins are nearing strong support levels, which could result in a meaningful bounce in the next few days.
ADA/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the RSI in the negative territory suggest that bears have the upper hand. They will try to sell on any recovery attempt to the 20-day EMA. If that happens, the ADA/USDT pair will again drop to the uptrend line. The repeated retest of a support level tends to weaken it. A break below the uptrend line could pull tADA price to $0.33 and then to $0.30.
Contrarily, if bulls thrust the price above the moving averages, Cardano pricecould rally to the neckline of the inverse H&S pattern.The bulls have managed to protect the $0.07 level for the past few days but they have not been able to start a relief rally in Dogecoin . This suggests that buying fizzles out at higher levels.The bears will try to strengthen their position further by pulling the price below $0.07. If they can pull it off, the DOGE/USDT pair could fall to $0.06.
If DOGE price turns down from the downtrend line and breaks below $0.06, the selling could pick up momentum. The pair may then plunge to the critical support at $0.05. A break and close above the downtrend line will be the first sign that the selling pressure could be reducing.
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