Connect with us

ada

Biggest Movers: DOT, ADA, SHIB Down Under 10%, As WAVES Rallies On Monday

Published

on

Biggest Movers: DOT, ADA, SHIB Down Under 10%, As WAVES Rallies On Monday

Monday’s downturn in crypto markets sent several tokens lower, with cardano, polkadot and shiba inu all falling by over 15%. Despite this, there were some notable exceptions which rose to start the week, WAVES being one of them.

WAVES

WAVES was trading in the green on Monday, as prices rose by as much as 9% during the first trading day of the week.

Advertisement

Following yesterday’s low of $12.65, WAVES/USD rallied on Monday, hitting an intraday peak of $14.54 in the process.

Today’s surge saw price move away from the long-term support level of $12.40, which is an area it has hovered around for the last ten days.

WAVES/USD – Daily Chart

Like most cryptos, WAVES has been trading lower for the past few sessions, with today’s rise ending a streak of two successive days of declines.

Looking at the chart, history shows us that bulls traditionally re-enter at the price range, as seen on February 28, which was when the last upswing began.

Advertisement

Although prices are still oversold, the RSI is currently hovering under resistance of 38, which will need to be broken if a bullish run were to continue.

Shiba Inu (SHIB)

The world’s second largest memecoin was also trading lower to start the week, as SHIB fell by over 20% on Monday.

SHIB slipped to an intraday bottom of $0.00001492 earlier in today’s session, following a top of $0.00001885 less than 24-hours prior.

Today’s low, which is the lowest level SHI/USD has traded since last October, comes following five straight sessions of declines.

Advertisement
SHIB/USD – Daily Chart

Traders are likely looking to confirm if today’s bottom will act as a support point, following last week’s breakout of the previous floor of $0.00002010.

One sign that a floor may be nearing is the fact that the 14-day RSI is now tracking at its lowest level since last May.

So considering that prices are deeply oversold, could potentially entice longer-term bulls to buy the dip, in hopes of further rallies.

Do you expect more decline in SHIB, or have we found a floor? Let us know your thoughts in the comments.

Advertisement

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

ada

Cardano’s [ADA] trading takeaway ahead of Vasil hard fork

Published

on

Cardano’s [ADA] trading takeaway ahead of Vasil hard fork

With some coins and tokens swimming in the red while others are still green, it can be hard to find your bearings and know when the tide might turn next. To that end, here are what the signs had to say about Cardano [ADA].

And the cards say…

At press time, ADA was trading at $0.5219 after slipping by 3.60% in the past day and falling by 8.82% in the past week. For more context, CoinShares’ latest Digital Asset Fund Flows weekly report noted that during a week marked by outflows, Cardano was one of those assets defying the trend. 

The report stated,

Advertisement

“Minor inflows were seen across a broad selection of altcoins, most notable were Cardano and Polkadot with inflows totalling US$1m each.”

However, there’s more to an asset’s performance than just its price and flows. Data from Santiment showed that Cardano’s development activity has been down since the beginning of May. Though there was some recovery from the middle of the month, the metric is still a long way down from the highs seen in late 2021. 

Source: Santiment

On the other hand, Cardano’s price indicators painted a more encouraging picture. The Bollinger Bands showed narrowing bands, signaling that volatility could be reducing. Furthermore, the Relative Volatility Index [RVI] recorded a value above 50, hinting that future volatility could take ADA’s price upwards. 

Advertisement

Source: TradingView

In short, this could bode well for bulls, even if ADA’s price was falling at press time. That being said, remember that the overall sentiment is bearish, as CoinShares’ report noted,

“Digital asset investment products saw outflows totalling US$141m last week. The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish.”

Finally, June could bring a very different assessment of ADA’s movements. With the Cardano community excitedly awaiting the Vasil hard fork that is currently scheduled for June 2022, some key metrics such as price, weighted sentiment, and development activity could see drastic changes – either upwards or downwards.

Advertisement

If the shipping of Alonzo in 2021 is any indication, media coverage of Cardano upgrades also has the potential to affect how investors feel about ADA.

Advertisement

Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

Advertisement

Advertisement
Continue Reading

ada

Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming

Published

on

Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming

Cardano (ADA) prices show that the bulls are trying to overpower the market to diminish the bearish trend. ADA prices have been lingering steadily at $0.5, and a rejection strung at $0.628.

More so, there has been a marked price decline of 7% in the market seen the previous days as the bearish trend takes over. The current market trading level is now at $0.524, which is pivotal as there seems to be a power struggle between the bulls and the bears.

Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues

Advertisement

Support At $0.50; Bulls Try To Up Market Prices

Support has been capped at $0.50, and the bulls are trying to get the prices to skyrocket. Meanwhile, the bears are not the type to throw in the towel as they are currently selling at steep prices.

With these price movements, the market is perceived to see more volatility, especially since the bears and bulls are trying to outpace and outperform each other.

Everyone should keep an eye on the critical level set at $0.5, wherein a break right below that trajectory would see prices plunging to as low as $0.45 levels. However, once it breaks above the price of $0.628, prices would go to as much as $0.70 levels.

Cardano Power Struggle: Bulls Vs. Bears

A 24-hour price analysis of Cardano (ADA) reveals a robust price battle as the bulls try to take over the market, which is being met by intense bearish pressure. These opposing forces can elicit volatile activity seen in the near term as the bulls and bears get friction to work.

Advertisement

The trading volume seen in the ADA/USD pair is now set at $$398,204,651.10, with the total market capitalization at roughly $17.69 billion. The pair is currently at position 8 and overshadowing 1.41 of the other digital assets.

Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

ADA/USD Pair Can Perform Better This Week

Moreover, the ADA/USD pair is seen to command and conquer with better-performing figures this week, considering the consolidation period at which the bulls are getting ready to dominate the market.

Advertisement

The bulls and bears are trying to grip the rope tighter as they struggle to lead the market. 

The bulls are back once you see the prices at the $0.628 resistance level. The prices would need to find the proper grip or support, likely at the $0.5 level, to prevent further downturns.

Featured image from Solodev, chart from TradingView.com

Advertisement
Continue Reading

ada

Is Cardano’s [ADA] rally probable yet? The answer might impress you

Published

on

Is Cardano’s [ADA] rally probable yet? The answer might impress you

Cardano’s [ADA] price has been under a strong bearish influence, especially since dropping from the vital $1.2-resistance. After falling below the 20 EMA (red) and 50 EMA (cyan), the altcoin was on a streak of liquidations while correlating with the broader sell-offs.

Altering the overall outlook was still a long shot for the bulls while they had to find renewed buying pressure to snap the constraints of the 23.6% Fibonacci resistance. At press time, ADA traded at $0.5307, down by 3.12% in the last 24-hours.

ADA Daily Chart

Advertisement

Source: TradingView, ADA/USDT

Aggressive sell-offs from the $1.2-ceiling resulted in a 67.35% drop from ADA’s April highs. As a result, after falling below its Point of Control (POC, red), ADA poked its 15-month low on 12 May. On its way south, the 61.8% Fibonacci level held up well after restricting the falling wedge breakout. While hampering the bear run, buyers finally induced a few green candles but failed to support it on elevated volumes.

Over the last six days, the altcoin saw an expected bearish pennant breakout as the price action approached the 23.6% level barrier. With an overextended gap between the 20 EMA and 50 EMA, the sellers exhibited their superior edge in the current scenario.

A continued revival from its immediate support could see an anticipated hurdle in the $0.59-zone near the 23.6% level. However, without sufficient volumes, the buyers would find it difficult to challenge the resistance offered by the alt’s near-term EMAs. The buyers would now aim to lower the gap between the 20/50 EMA in the coming days.

Advertisement

Rationale

Source: TradingView, ADA/USDT

The Relative Strength Index suggested that sellers have a clear advantage in the current market structure. The buyers needed to push the RSI above the 38-level to propel a short-term rally beyond the 23.6% level on the charts.

An inability to pick Aroon up (yellow) from the zero-mark could lead to further undesired losses. AN eventual recovery from this level would open doorways for a smoother recovery. 

Advertisement

Conclusion

Looking at the current bounce-back from the $0.5-level, ADA could slam into the 23.6% level for testing its resistance. An eventual break above this level could pave a path to challenge the constraints of its near-term EMAs. But the threats along the Aroon up indicator could delay the potential of a bull run.

At last, ADA shares a high correlation with the king coin. Thus, traders/investors should keep a close watch on Bitcoin’s movement to make a profitable move.

Advertisement

With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

Advertisement

Advertisement
Continue Reading

Trending