In a cryptocurrency market grappling with persistent sell-offs, prominent assets such as Chainlink, Cardano, Ethereum, and Dogecoin are exhibiting technically fragile outlooks. All four assets are trading below significant moving averages, elevating the critical nature of the price levels watched by traders in the short term.
Downward Pressure Persisting on Ethereum and Chainlink
Ethereum is currently trading around $2,095, revisiting the pivotal $2,000 level following a steep decline on November 8. This marks a stark contrast from the $2,800 high observed in September, reflecting an approximate 25% loss and eroding much of the gains achieved during August’s rally.
ETH remains beneath all major moving averages, with the $2,300 area—lost at the end of October—emerging as the first substantial resistance. The Relative Strength Index (RSI) hovers near 30, suggesting a potential short-term rebound, yet dropping below $2,000 could see the market targeting the $1,900 zone.
“Ethereum’s first line of defense is $2,000, with the next focus on $1,900 if this threshold is breached.”
Chainlink is hovering around $10.49, trading under all significant averages on the daily chart. From late September’s peak of $15.70, its value has depreciated by approximately one-third. The convergence of short- and medium-term exponential moving averages indicates sustained technical pressure.
While Charles Schwab, a major U.S. brokerage, has announced plans to add LINK to its crypto trading platform, a definitive launch date remains undisclosed, leaving limited immediate impact on the token’s price. The closest significant level for LINK stands at $10.
Cardano Weakness and Dogecoin Support Zone
Cardano is trading near $0.1776, suffering a nearly 37% drop from its early October high of $0.28. After dipping to $0.1715 this week, ADA has reverted to pre-summer surge levels. Despite the RSI indicating potential selling slowdown below 40, low volume reflects waning buyer interest.
Recently, one notable development involved the Cardano Foundation’s backing for transitioning the Cosmos IBC to the Linux Foundation’s management, highlighting a focus on interoperability and enterprise infrastructure. If selling pressure continues, the $0.16 region may become the next focal point.
Dogecoin, priced at $0.0694, is attempting to hold the $0.07 support level. Although it briefly dipped to $0.0672, it closed near the support zone again. Historical summer buying activity at this level underscores its technical importance.
Dogecoin’s major averages are trending downward, with the closest obstacle around $0.0765. The RSI is hovering near 35. In addition, Dogecoin developers have updated L2Reth test network infrastructure, focusing on node restarts, snapshot restorations, and deployment configurations. While these technical advancements have limited direct price impact, they reflect ongoing network development.
“Dogecoin price remains near the $0.07 support area, with major averages indicating a limited recovery at present.”
