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Cardano [ADA/USD] Technical Analysis: Bearish pressure pushing coin to find more support as bulls take a breather

Anirudh VK

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Cardano [ADA/USD] Technical Analysis: Bearish pressure pushing coin to find more support as bulls take a breather
Source: Unsplash

Cardano [ADA] recently took a tumble to the bear’s kingdom as downward pressure began to exert itself on the price. ADA is just one of the tokens suffering from the bear’s wrath as the cryptocurrency market finds itself in the red zone.

1-hour:

The short-term outlook for Cardano shows that there are two corresponding uptrends seen from $0.068 – $0.076 and $0.073 – $0.082. The downtrend offering resistance to the price can be seen at $0.082 – $0.079 – $0.076. Support levels are visible at $0.068 and $0.075, with a resistance at $0.078.

The RSI is demonstrating a downtrend, as selling pressure has increased since the drop earlier today.

The Relative Vigor Index is demonstrating a bearish crossover.

The Klinger Volume Oscillator is set for a bearish crossover, as seen by the movement of the graph.

1-day:

A short support uptrend is seen $0.063 – $0.074 – $0.076, with the dominant long-term downtrend seen from $0.37 – $0.081. A support is seen from $0.063, with resistances at $0.1, $0.18 and $0.22.

The Parabolic SAR is bullish, as seen by the presence of the dots under the candlesticks.

The Aroon indicator uptrend is reducing in power, as the downtrend loses a lot of its moving power.

The MACD is demonstrating a bullish crossover, with increasing pressure downwards pushing the indicator downwards.



Conclusion

The price of Cardano seems to be heading closer to the bear’s dimension, with bullish pressure decreasing as the coin sees momentum dying down. Support levels will be tested at $0.068 and $0.075.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Altcoins

Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern

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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:



“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”





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