426 Interactions, 2 today
Cardano seemed to be heading in the $1.27-$1.16 channel, and the next major swing could drive it into the $1.31-resistance. If Neo retains its support level of $42.84, the price can increase in the coming sessions. Finally, although VeChain was trading near record highs, its indicators suggested some short-term bearishness.
Cardano, the world’s fifth-largest cryptocurrency, had a mixed month in March. ADA continued its decline from record highs in the first few days of the month, falling all the way to $1. A turnaround from this point allowed ADA to report a new ATH, but selling pressure quickly pushed the price back down. At the time of publication, the market was in a turnaround mode, varying between $1.27 and $1.16 in expectation of the next major swing.
The ADX was north of 28, indicating that the bulls were losing ground in the sector. The RSI, which was trading upwards from near the 60-mark, expressed a similar thought. The market’s bulls can find the next level around the $1.31-resistance.
Although Neo did recapture $42.84 and turn it to a line of support, returns were limited to $46.28. At press time, the OBV was constrained, suggesting that purchasing pressure was fleeing the market. A drop in 24-hour trading rates played towards a bullish result as well. The MACD was closing in on a bearish crossover, while the histogram indicated a loss of momentum.
As the indicators have turned bearish, the support level of $42.84 will be scrutinised in the coming sessions. If the bulls sustain this pace, a short-to-medium-term northbound breakout is likely.
VeChain was trading at the midpoint of its immediate support and resistance at the time of publication, and was just 10% off its most recent ATH. In the long term, the press time consolidation process will most likely proceed to higher stages. The indicators did, however, detect any bearishness in the economy. The MACD line crossed over the Signal line, and the histogram displayed a sequence of red bars below the half-mark.
Although a split below the current channel is impossible, it could result in more losses against the $0.076-support.