Cardano Stuck In Descending Triangle, AI-based Coin Could Dogecoin In The Dust With Huge Returns

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The Cardano price has been navigating a descending triangle pattern for the past seven months. One technical analyst suggests that a bullish breakout could propel the DeFi crypto price towards the $2 mark.

Meanwhile, a new project is gaining traction. Its price has seen an increase despite the overall market downtrend, attracting attention with its innovative approach.

Cardano (ADA) Price Gears Up for Potential Breakout Amid ETF Discussions

Technical analyst Aniekeme Umoh points out that the Cardano price has been forming a descending triangle over the last seven months, a pattern often preceding a significant price movement.

A successful breakout above this triangle could trigger a surge towards $2. Conversely, failure to break out could lead to a test of the $0.50 level.

Umoh remains optimistic about Cardano's long-term prospects, citing growing speculation surrounding a potential Cardano ETF. A regulatory decision on this is expected sometime in August 2025.

Positive regulatory news could stimulate institutional adoption, potentially driving the Cardano price higher. Currently, Cardano's prices are fluctuating between $0.77 and $0.90, according to CoinMarketCap.

The Relative Strength Index (RSI) is currently at 56.66, indicating a neutral market sentiment. Increased buying pressure is needed to initiate an upward trend.

Dogecoin (DOGE) Faces Selling Pressure at Key Level

Dogecoin's price is experiencing volatility following a recent spike to $0.29. Market uncertainty is contributing to traders reducing their exposure to altcoins.

CoinMarketCap data shows a 15.0% price decrease for Dogecoin over the past week, indicating increased selling pressure.

Technical indicators, such as the Moving Average Convergence Divergence (MACD) histogram, have been negative, and the RSI has also declined, suggesting a bearish trend. However, Dogecoin's price remains above the 50-day Simple Moving Average (SMA) at $0.19, which indicates some buying support.

One analyst suggests Dogecoin is in an accumulation phase, hinting at a potential breakout in the coming weeks. Another market observer highlights that the Dogecoin price is currently pulling back to $0.22.

This level has previously acted as strong support. The analyst suggests this area could serve as a launching pad for a rebound. If support holds, the Dogecoin price could potentially return to the $0.28 level, signaling a renewed bullish trend.