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Cardano has been on a bullish path after a breakout of $1.48. The growth of Ethereum over $4,000 was unsurprising given the market’s high purchasing pressure. Finally, Polkadot provided a sell signal at the current price, but this would change if bulls flipped $42.2-$46.5 from resistance to help.
The Squeeze Momentum Indicator indicated bullish market momentum as Cardano resumed its northbound movement after a breakout of $1.48. Targets of $2.13 and $2.37 reported in a previous report have yet to be met, but trade rates were the. Since the beginning of 2021, OBV has been on an upward trajectory, and purchasing momentum has been a relentless driving factor in the industry.
With updates to its environment planned for May, ADA is expected to see bullish market activity for the remainder of the month. It was uncertain what support lines would appear in the event of a reversal at the time, but the recently broken $1.48 mark could hold in the event of a sell-off.
At the time of publication, Ethereum had risen past the $4,000 mark, with a single candlewick reaching as much as $4,174. On the daily timeframe, a few Fibonacci Extension Levels were plotted using the ETH rally from $1,520 to $2,548 and a corresponding pullback. The Fibonacci extension peaks of 261.8% ($4706.2) and 300% ($5,106) could be reached during the present rally. Other areas highlighted on the map could serve as support lines if a pullback occurs.
A rising Awesome Oscillator reflected the market’s heavy purchasing pressure. The last time AO fell into the negative zone was in late March. Since 21 April, the dotted markers of the Parabolic SAR have stayed below the candlesticks, highlighting ETH’s unwavering uptrend.
As the market approached the $42.2 upper limit, the Polkadot Supertrend Indicator gave a sell warning. As previously said, DOT wanted to climb two floors in order to see a lift-off. One was priced at $42.2, while the other was priced at $46.5. A spike above the previous stage is also where the Supertrend Indicator would switch to purchase.
Although the MACD was trading above the half-line, the histogram showed falling green bars. A bearish spinning top of a Doji candlestick could indicate the end of a current rally, and traders should keep an eye out for such a formation. Expect a good result if rates and purchasing pressure remain consistent over the next few days. As stated in the previous analysis, the first two DOT targets were $53 and $57.