Cardano, NEM, Sushiswap Price Movement Analysis for 3rd March, 2021

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While the on-chain metrics for Cardano, NEM, and SUSHI pointed to a short-term pullback, the fate of the altcoins rested with the bullish signals of Bitcoin and Ethereum. If the technicians were to keep up, the coins alluded to above would have to bypass a time of bearishness before starting their northbound travel.

Cardano [ADA]

Cardano retained its status as the world’s third-largest cryptocurrency with a market value of just less than $40 billion. Interestingly, a jump of 23 percent over the last seven days also made Cardano the highest weekly gainer among the top-10 coins by market cap. At press time, ADA traded just below record highs, while sustaining a healthy uptrend on daily charts.

The Parabolic SAR reinforced the bullish existence of the price as the dotted markers passed under the candlesticks. On the downside, a bearish divergence was observed on the RSI after the index had established lower elevations in the overcrowded area. With business players catching up at the time of publication, ADA’s bearish forecasts could be tempered by uncertainty in the wider market.


Source: XEM/USD, TradingView

NEM was another case of a cryptocurrency that reported healthy profits in a relatively depressed crypto-market after the price soared by over 40 percent in a week even though the market leaders pushed sideways. The said hike was helped by a heavy bullish impetus, with the same thing illustrated by the green bars on the Amazing Oscillator.

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In the other hand, the Relative Strength Index noticed the saturation of the business investors and highlighted the bearish pullback. In such a case, the support level at $0.7 may be in view. However, expect NEM to begin to climb the charts after the correctional era.


SushiSwap [SUSHI]

Source: SUSHI/USD, TradingView

SUSHI was trading in the Red Territory at press time as the price dropped by almost 5% compared to yesterday. Even though SUSHI picked up from the $17.24 support level on the 4-hour charts, poor trading rates and purchasing activity meant that a jump to record levels was impossible in the coming sessions.

The MACD closed on a bearish crossover when the green bars fell on its histogram. The CMF was positive in its forecast as the index climbed above the halfway mark and highlighted the influx of money. In fact, there was a chance that SUSHI could keep itself above its press time support, even in a bearish scenario.

RECOMMENDED READ:  Cardano Price Movement Analysis for 19th February 2021


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