Over the last 24 hours, the broader crypto-market has seen a modest price drop. Bitcoin saw yet another price reversal near the $60k resistance level, which resulted in downward price action on the charts for much of the market’s altcoins. However, in the case of coins such as Cardano, this has only exacerbated the lengthy consolidation process.
Like much of the market’s altcoins, Algorand’s price activity has been rangebound. At press time, the coin was priced at $1.3, with the alt moving inside the resistance at $1.4 and support at $1.22 over the course of the week. A decline to the second support level of $0.96, on the other hand, did not seem possible in the short term for ALGO.
The EMA ribbons, which had settled below the press time trading price and were promoting the crypto’s valuation, are not going to make such a dramatic drop for the coin. The RSI indicator seemed promising because it was approaching the overbought sector.
Cardano was trading at $1.19, with a market value of more than $38 billion. Over the course of the day, the coin’s price fell by more than 3%. While this price decline was minor, it was part of a broader price cycle in which the coin stayed rangebound. The price of ADA has been moving within the tight confines of its immediate resistance at $1.27 and support at $0.98 over the last few weeks. Since there isn’t a lot of bullish traction in the economy, this cycle seems to be continuing.The technical metrics for ADA supported the short-term forecast.
As the MACD indicator’s Signal line crossed over the MACD line, it signalling a bearish crossover. The RSI, on the other hand, was similar to neutral, indicating that neither buyers nor sellers were the dominant party in ADA’s market.
At the time of publication, EOS was ranked 23rd on CoinMarketCap, with a market capitalisation of more than $5.8 billion. The coin was trading at $6 after undergoing a price reversal that resulted in losses of close to 8%.
If the downtrend continues, there is solid support at $5.1 for EOS. However, it is worth noting that the next high support level was about $3.5, but even a dramatic drop in price appeared impossible at the time of publication. There was still high resistance around $6.8, a pace that has remained after a few attempts to cross it in recent days.
The Bollinger Bands were starting to diverge, indicating that market uncertainty was increasing. In such a case, there is a marginally better probability that EOS will be able to attempt to breach the $6.8-level of more trust in the coming days. The MACD indicator seemed bullish after undergoing a bullish crossover, which may indicate a short-term price increase for the coin.
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