High-volume sales: 200 million Dogecoin and 50 million Cardano tokens transacted within 2 days

Dogecoin and Cardano, two popular cryptocurrencies, have been making headlines recently due to various developments and market trends.

In the case of Dogecoin, the cryptocurrency has experienced a sell-off over the past 48 hours, with whales unloading a significant 200 million tokens. This selling pressure has caused the price of Dogecoin to slip almost 1% in the past day and 4% over the last week, with key resistance levels around $0.222 and $0.224. The trend points to rising pressure due to the sell-off, and if selling continues, support for Dogecoin could be tested at $0.19.

Interestingly, the lower edge of the descending wedge was recently tested near $0.80, indicating a potential reversal pattern. Additionally, the daily Ichimoku chart for Dogecoin flashed a weak bearish cross above the Kumo cloud on August 31, suggesting bearish momentum. However, it's worth noting that the asset was trading at $0.21 at press time, indicating some resilience despite the sell-off.

Meanwhile, Cardano, the eighth-largest cryptocurrency by market capitalisation, has been trading inside a descending wedge. The price of ADA has slightly decreased on the day and 4% over the past week, with the asset trading at $0.82 at the time of writing. Despite this, the price of ADA has remained above $0.81, suggesting a degree of support.

Resistance for ADA is currently near $0.835, and a strong breakout could potentially push the price of ADA beyond this level. Analyst Ali predicts that Cardano could see another dip to $0.80 before attempting a bullish breakout.

On the regulatory front, Grayscale's ADA ETF filing with the SEC remains in review, with a decision deadline set for October 26. Moreover, Rex may be preparing to launch a Dogecoin ETF under the 40 Act. The company currently planning to possibly launch the first Dogecoin exchange-traded fund (ETF) is REX Shares, with their REX-Osprey DOGE ETF (ticker: DOJE) expected to debut around September 9-11, 2025, in the US. This fund would be the first US ETF offering exposure to Dogecoin.

In conclusion, both Dogecoin and ADA have been experiencing market fluctuations, with sell-offs and regulatory developments shaping their trajectories. While the trends point to bearish momentum for Dogecoin, ADA continues to trade within a descending wedge, with potential for a bullish breakout. As always, it's crucial to conduct thorough research and consider professional advice before making any investment decisions.