All the leading cryptocurrencies listed on the CoinMarketCap have been treading in a bearish path. The twelfth largest digital coin, Cardano [ADA] has not been spared by the protract of the bear market.
At the time of writing, ADA held a market cap of $941.2 million, valued at $0.038. The volume of the coin traded accounted for $14.89 million with a depreciation of 4.14%.
As recorded for February 6, the crypto-coin opened at $0.037. The high was registered at $0.038 and closed at a low of $0.037 for the day. The total volume of ADA traded was $13.3 million.
The coin has failed to retract to a market cap of $1 billion and has not surpassed a cap of $980 million since February 2. During the week, ADA noted considerable fluctuations, the lowest being recorded during the early hours of Tuesday, followed by a short-lived rally later that evening.
ADA showed a promising trend during early this year with a valuation as high as $0.049. The coin has not recovered yet from its resistance of $0.40.
An upward trend for the time period of 1-hour has been registered from $0.037 to $0.038 and a downtrend at $0.038 from $0.039. The immediate resistance for ADA is marked at $0.038 and that of support at $0.035, close to the where the price of the coin is currently trending.
Bollinger Bands: The diverging Bollinger Bands indicate a decline in volatility in the price trend of the coin ADA.
MACD: The MACD line treading below the signal line which suggest a bearish pattern followed by the coin. However, ADA might potentially undergo a bullish cross-over.
Chaikin Money Flow: The CMF graph is below the zero-line indicating a bearish pattern for ADA.
ADA witnessed an uptrend of $0.029 to $0.039 and a major downtrend from $0.081 to $0.037. The resistance for this time period for ADA has been marked at $0.040 and the immediate support at $0.036.
Parabolic SAR: The dotted lines in this indicator are aligned above the candles, depicting bearish price momentum.
Awesome Oscillator: The red lines in AO further predict a bearish trend for the coin.’
Klinger Oscillator: The signal line is above the reading line in the KO indicator, suggesting a bearish pattern.
Apart from BB’s prediction of a decrease in price volatility and a potential bullish cross-over by the MACD indicator, ADA’s future seems to be further drifting in bear’s realm.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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