Cardano kept on to $0.80 of support after the price had cooled off from its local peak. In fact, ADA would once again be able to trade close to its local high if the bulls maintained the price above the above-mentioned help. Even though BSV flashed bearish signs, going below the support was an unlikely scenario. Far down the crypto ladder, ALGO could struggle to hold on to $1.35 of support as momentum was heavy on the bearish side.
Algorand cushioned its losses at a support rate of $1.35, as the price fell by more than 10% in the last 24 hours. It seemed, however, that it was only a matter of time for the bulls to be lost at the above-mentioned stage, as the indicators flashed bearish signals at the time of writing.
The RSI pointed down from the 50-mark, while the red Amazing Oscillator bars shifted closer to the half-line. In the bearish case, the next level of support is $1.08 and $0.92. On the other side, an increase in trading volumes and purchasing activity could see ALGO climb north of its $1.5 resistance.
Bitcoin SV [BSV]
Bitcoin SV was rejected at $272 price level and a sharp pullback saw the price fall to $228.6 support. The Bollinger Bands displayed a high degree of uncertainty in the BSV market, capturing recent fluctuations. At the time of the press, some buoyant momentum was noted on its 4-hour chart as the price watched a leap over the 20-SMA.
The MACD seemed to be at odds with the bulls as the signal line gained more ground on the fast-moving line. However, in the coming sessions, a step below its support was unlikely given BSV’s healthy uptrend over the last 30 days.
The On Balance Volume has picked up in the last few sessions as Cardano hovered just above its 50-SMA (yellow) at the time of writing. For now, some of the selling pressure seemed to have been rejected by the bulls, as ADA managed to clear $0.80 of support. In fact, despite the strong downtrend of ADA over the last few days on the 4-hour map, this was very interesting, according to the Parabolic SAR dotted markers.
If the bulls continue to hold on to the above-mentioned support level, the cryptocurrency could quickly reverse its trend and head towards its local high again.
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