The cryptocurrency market is on a slight recovery as sentiment rebounds. Here are three hot coins to buy low and hodl.
Cardano Technical Analysis
Cardano (ADA) is today trading at +14.53 % against the US dollar and +11.78 against BTC. This price gain has helped to elevate ADA past last week’s resistance levels. The target should be to consolidate at a higher support level and probably stay above $0.20.
After a week that saw its price in a steady decline, Cardano is putting in a recovery as you can see from the 7-day chart below. ADA/USD and ADA/BTC prices are on an uptrend and promising an imminent bullish run. ADA against the USD has surpassed the $0.165 resistance levels after falling to a new low on 18th March.
There was a worrying decline in cryptocurrency prices over the last two weeks, which unsurprisingly saw ADA drop well below its $0.1450 support level.
However, ADA/USD rallied over Monday to initiate a recovery that has seen its price move slightly above the 23.6% Fibonacci retracement level.
This is a positive move away from the previous 7-day decline that had seen it drop from a high of $0.22 to low of $0.124.
A shift in market sentiment over the weekend and an uptrend in BTC have undoubtedly contributed to the upturn. The last 24 hours have witnessed a breakout above its bearish trend line and a $0.1550 resistance level. This is also an indicator that the next few days could witness a price jump above the next resistance level at $0.19. ADA’s hourly RSI is well above the value of 60 which also suggests that it’s a strong buying position. It tops our list of 3 hot altcoins for this week.
ReddCoin Technical Analysis
ReddCoin (RDD) is ranked 74th on Coinmarketcap.com. Today RDD traded at $0.0051 which is a jump of +5.34% against the US dollar and +3.765 against BTC on the hour-to-hour charts. However, this is lower than the $0.0057 high reached on 19th March.
The ReddCoin recovery effort is in line with the general upturn across the market following a week of decline. By press time, RDD had a 24-hour trading volume of $6.9 million against a circulating supply of 28 billion RDD coins. Although the 24h volume pales in comparison to that of ADA, this is still enough to keep the crypto at number 74 on the ranking.
It should be noted that although the one-hour TA indicate you should sell, an overview of the 30-day oscillators and EMA show that buying and going long is a better option.
The RDD price chart also shows a steady decline in price over a 7-day period. ReddCoin has dropped 2.4% in the last 1 hour but is up 5.34% in the last 24 hours. Charts show that the coin has gone down -18.87% in the last 7 days.
RDD/USD presents a profitable long-term investment. The TA value of RSI 14 indicates it’s a strong sell coin at the moment.
ReddCoin against the US dollar price is below its 21-day WEMA. Even though RDD boasts a wide support base at $0.0048, its price could go all the way to $0.0038 if it fails to consolidate. At this point, there is a high possibility of short-term retracement. Therefore, the expected uptrend will only begin if the coin breaks the $0.0055 resistance level.
Dogecoin Technical Analysis
Dogecoin (DOGE) is ranked 37th on Coinmarketcap.com. Today DOGE traded at $0.00344 which is a +6.04% against the US dollar and +3.165 against BTC on the hour-to-hour charts. Although this is lower than the $0.0042 high reached on 14th March, it still represents a decent price gain when compared to the low of $0.0028 on 18th March.
The uptrend corresponds to the general reverse being experienced across the market following a week of decline. By press time, DOGE had a 24-hour trading volume of $7.4 million against a circulating supply of 113 billion DOGE coins.
The TA summary of Dogecoin on the hour-to-hour chart shows that buying the coin now represents both a short-term and long-term profit opportunity. DOGE has a strong support level at $0.0032 and this week’s rally punctuates the general feeling that a break out at $0.0036 is achievable.
The immediate support level for DOGE/USD is at $0.0030. If the bulls maintain their strong support, the coin will steadily gain value. It could form a base around its major support level at $0.0032. It is one of the coins that represent a genuine opportunity to buy low and sell high. However, Dogecoin’s market volatility of 123% suggests caution should be taken.