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Cardano observed a pattern of declining exchange rate, indicating that the market was likely in a delivery process. However, in this bull market, another upward leg cannot be ruled out. Compound saw demand increase in the $440 region as Bitcoin SV formed a bearish divergence.
Bitcoin was priced at $59,656 at the time of publishing, a decline of more than 1.5 percent in the previous day.
Cardano has shown a lack of market change on the charts in recent weeks. The 50 percent point for the range of $1 to $1.47 is at $1.21, which is a high degree of resistance for the market. According to the OBV, ADA has been bouncing between $1.17 and $1.21, and buyers and sellers are in balance.
The OBV has an upper and lower limit that must be broken to validate a leap above or below $1.34 in the coming weeks. However, this will take time to grow, and the $1.2-$1.3 range is likely to be a supply zone before the OBV begins to tick higher, indicating increased demand.
Bitcoin SV [BSV]
Bitcoin SV saw a bearish divergence in price and momentum. This was not an instant sell warning, but it did indicate an overextended move, and a pullback to the $260 region is visible. The Stochastic RSI was still in overbought territory.
Although neither indication can be interpreted as a sell signal on its own, when combined with the fact that market activity is trending lower even as the price rises, the result can only be that BSV is due for a pullback.
COMP developed a descending triangle pattern over the last month and surged to the pattern’s high of $520. COMP was able to reach $550 before market pressure pushed it down to $451 at the time of publication.
COMP has formed equal lows at $443 in the last few days, even though the Awesome Oscillator has begun to climb back towards the zero axis. This indicated that bearish momentum was slowing. The Chaikin Money Flow also climbed up over the +0.05 level, indicating that capital flow into the market was increasing, indicating increased demand for COMP.