BitTorrent may see more gains, but there are signs of market weakness. Cardano predicted that activity will remain inside a small channel, with a potential fall towards $1.109. Chiliz saw a relatively calm market after a pullback from record highs.
Cardano resumed its rangebound movement on the 4-hour cycle between the $1.27 and $1.16 channel, a region that has seen price oscillation for the last nine days. There was also a chance of a downturn from the current level, according to the metrics.
The Amazing Oscillator displayed bearish momentum, and the MACD’s signal line crossed over the fast-moving line. Although the histogram showed some weakening momentum, the market was still expected to be bearish. If the price falls, support at $1.109 will be in sight. A break over the upper limit could push ADA closer to $1.27, but this was unlikely as long as the market leaders remained stagnant below their recent peak.
BitTorrent Token [BTT]
Gains in the last seven days alone totalled 106 percent, extending BitTorrent Token’s impressive uptrend into April. Even though the on-chain indicators were blinking red at the time of publication, there was still the possibility of more improvements in the coming sessions. As buying momentum remained a persistent driving factor in the market, the OBV hit a new level.
The RSI has been in the overbought zone for the last five days. However, a drop in 24-hour trading volumes has sparked some concern, and gains are likely to plateau in the coming sessions. The first lines of defence in a bearish scenario are $0.0069 and $0.0063.
On the Chiliz‘ 4-hour chart, short-bodied candlesticks emerged, suggesting that the cryptocurrency had reached a consolidation phase after retracing from record highs. As equity volatility has declined in recent weeks, the Bollinger Bands have remained compressed.
In fact, the OBV indicated a lack of buying pressure, meaning that an upward breakout in the near term was improbable. If the price falls below its current support, the bulls will use $0.35 as a counter-pressure stage.
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