Cardano, Cosmos, Hedera Hashgraph Price Movement Analysis for 17th April, 2021

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Cardano was moving in an ascending channel, and a failure was predicted as it reached the $1.49-resistance stage. Cosmos could fall to $24.4 or $23 before the next upswing, while Hedera Hashgraph was expected to reach $0.40 resistance before a pullback.

Cardano [ADA]

A break through the $1.33 resistance mark propelled Cardano to a new all-time high of more than $1.5, but the stock has since retraced to two support levels. The first level of support, at $1.38, was identified after a pullback from record highs, while another, at $1.33, saw buying following a breakdown from an ascending channel (not shown). On the hourly timeframe, ADA was trading in yet another ascending channel, with a southbound split planned at the pattern’s height.

However, current market conditions benefit the bulls marginally, and the price can begin to oscillate between the two trendlines until the sellers take advantage. This is most likely to happen at the upper limit of $1.49. The Awesome Oscillator indicated that momentum was bullish-neutral, while the RSI was pointing lower from 50.

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Cosmos [ATOM]

Source: ATOM/USD, TradingView

Though Cosmos was still rangebound in March, a break over the $24.4-resistance fueled a bullish rally that peaked at $28.5. A slight reversal was countered at the $25.3-support level, and the bulls will need to defend this level again in the coming sessions.

As selling demand outweighed buying pressure, the OBV reached lower highs. The ADX reached a high of 30, but had fallen below 22 at the time of publication, indicating a slowing bullish pattern. Further drops to $24.4 or $23 can present buying opportunities until ATOM resumes its upward trend.

Hedera Hashgraph [HBAR]

Source: HBAR/USD, TradingView

On the 4-hour timeframe, Hedera Hashgraph made three peaks, each followed by a downtrend and a bullish bounce back from different support ranges. Following the recent drop towards $0.328 support, HBAR seemed to be poised for the next leg upwards.

The Awesome Oscillator was below the half-way point, but it recorded two successive green bars as momentum seemed to change. A step above 0 can trigger some buying signals. The MACD line was closing in on the Signal line, and a good crossover would support a positive result. In a bullish situation, a break over $0.38 was possible, but sellers were supposed to intervene at $0.40 resistance.

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