The bears are making their presence known in the crypto market as most cryptocurrencies are down significantly the past 24 hours. The biggest losers today are EOS and Bitcoin SV. Let’s take a look at some of our favorite cryptocurrencies and see what the charts have in store for us.
Cardano price has today shown a massive declined and is currently struggling to break below $0.0458 support area. The price began the session trading at $0.0489 with a consolidation phase between $0.0492 and $0.0482 for a short-term. A sharp drop later followed that fluctuated the momentum down to rally at a low of $0.0456.
ADA/USD pair, therefore, recorded a loss of 5.6% over the intraday. Besides, a healthy downside correction was reflected by the formation of descending channels. At the press time, most indicators are signaling a bearish outlook, with the long-term SMA above the short-term SMA. Also, the RSI is currently hovering near the oversold territory that gives a negative outlook.
A break below the lower channel that is marked at $0.4570 may lead to continuous downtrend near $0.03000.
ETC/USD pair is today recording loses of 2.6% over the intraday. It has formed an active bearish trend line that showed sellers are ruling over the market momentum. ETC price drop has thereby reduced investor’s sentiments since it is showing high interest in the lower price levels. Besides, it escalated from $5.9766 to $5.8222 that confirmed an increase in sell-offs over the last 24hrs.
As the dumping continues, the price is correcting losses while testing the short-term support found near $5.7668. However, if this support level is strong enough, it might prevent further breakdown. Afterwards, all the technical indicators are pointing at an increase in bearish pressure, with the long term SMA above the short-term SMA and the RSI below average.
If sellers push the price down below $5.7500, then further decline near $4.0000 could be encountered, however, if the bulls up their strategy and pull the price above the $5.9500 then an upside correction near $6.1000 is likely.
XTZ/USD pair, on the other hand, has gained by 3.0% over the last 24hrs, having shifted from $1.0198 to $1.0512. XTZ recorded a bullish move at the begging of the session that pushed the price to a high of $1.16100. It later on, embarked to a steady flow between $1.1166 resistance level and $1.0483 support level.
Additionally, the performance of the XTZ/USD pair seemed to have been attributed by the movement of most technical indicators. However, the moving averages have now shifted from giving a bullish sign to giving a bearish outlook. The RSI has dropped from the overbought zone and is now seen below level 50 that gives a negative sign.
A sustainable move below $1.0483 may increase the downside pressure that may extend an increase in sell-off and define the next focus near $1.0100. On the upside move, if support level $1.0483 gets strong enough, a price bounce is likely to push the price up above $1.1600 level.
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