Crypto Market Lull: Dogecoin Struggles, Zcash Shows Signs of Recovery
The crypto market is experiencing a lull in momentum, with several assets struggling to regain their footing. Dogecoin (DOGE) is hovering around $0.069, just above its yearly low, and has been steadily declining since failing to recover above $0.11 in May. The asset's issues with momentum are compounded by its weak technicals, including a 50-day moving average that is well below the current price.
On the other hand, Zcash (ZEC) is showing signs of recovery, having pulled back towards its major moving-average support after a July rally. Despite some losses since its local high of $580, the asset remains above key technical levels and has a larger recovery structure intact as long as buyers continue to defend current levels.
Cardano (ADA), meanwhile, is still in a bearish trend, having spent most of July moving sideways within a narrow range. However, it has stabilized at $0.168 and has built a string of higher lows since its capitulation event, with bulls now having a starting point thanks to the 50-day and 100-day moving averages shifting from resistance to support.
Finally, Solana (SOL) is stuck in a phase of sideways trading, oscillating between $73 and $75. While buyers have had difficulty regaining important technical levels, the asset has avoided another significant breakdown and may attempt a relief rally towards its 50-day moving average if that floor holds.