Cardano took its new position as the third-largest market cap cryptocurrency after hitting a value of $1.39 on charts with a market capitalisation of $43.7 billion. FTX Token saw some indecision around the $28-mark, with its trading volume also decreasing. Finally, SUSHI once again traded at its range of highs, with its previous jump over $15.9 highlighting several places for profit-taking.
ADA has pushed north strongly past the previous local peak at $1.2. The Fibonacci Retracement Tool for ADA’s step up to $1.2 from $0.68 provided the 27 per cent ADA expansion target of $1.39, with a 62 per cent ADA expansion rate of $1.69.
Any of the levels of support for ADA plotted can be expected to act as retracement support. The MACD displayed a strong bullish momentum behind ADA, and while it was over-purchased in the short term, a pullback had not yet been signalling. So the $1.39 and $1.5 amounts are the ones to look out for.
Finally, the rate of trade decreased marginally relative to the $1.25 increase, and this may be an early indication of a change in consumer sentiment.
FTX Token [FTT]
FTT reported a declining trading volume, with the Amazing Oscillator also showing a poor momentum behind FTT. FTT has made a triple top of $34 over the past week and slipped to $26, a level that stood firm against selling pressure on several tests as well.
At the time of writing, the $26-area will be a reasonable place to set purchase orders, with a stop-loss set at $25.5 or slightly lower. This would represent a good risk-to-reward trade, although the momentum and trading volume of the FTT would have to be measured on the basis of another $26-region examination.
Since the beginning of February, the range of $12.3 to $15.9 has been one that has been respected and sought to break up. These breakouts showed levels that could once again pose resistance to another step to the north for SUSHI.
In the short term, once again testing the range highs would be a bullish move. If the $15.9-$16 level is adjusted to help, it is possible that SUSHI will travel higher to test $17.1 for resistance. The RSI showed a bullish momentum behind SUSHI with a value of 58 on the hourly map, with the same momentum remaining above 50 in the last few days.
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