Cardano, Qtum, Ontology Price Analysis: 24 January
The cryptocurrency market has seen increased sideways movement in the past few days. Bitcoin’s value has also been moving within the confines of its support and resistance – a trend also visible across the altcoin market. While major alts like Cardano was mirroring this Bitcoin trend, other small-cap alts like Qtum and Ontology were showing different trends in the market.
The above chart of Cardano [ADA] showed that the price was consolidating between the support and resistance of $0.3351 and $0.3584. At the time of writing, ADA was trading at $0.3540, while embarking on a bullish journey.
The Relative Strength Index value was at 65, which was an indication that the digital asset was close to being overbought. This meant that the buying of Cardano was high and the digital asset was close to being overbought. However, it did not have the momentum to keep up with the current trend. The Awesome Oscillator indicator noted that the momentum in the market was extremely low.
The value of QTUM had witnessed a sudden surge as the price was supported by the 50 moving average. The trend in the market changed to a bullish one and as it hit the resistance at $4.02 the price dropped. At the time of writing, QTUM was trading at $3.87 and the drop pushed it from the overbought zone.
The RSI showed that the sudden surge caused the asset to become overbought and witness a reversal in trend. The MACD indicator was also noting this bullishness as the green bars were increasing. However, the recent sell-off pushed it back within the equilibrium zone. Since the rise was sudden, there could also be a correction in the market, which may push the price close to the support at $3.42.
The Ontology market has been witnessing strong bullish momentum over the past couple of days. This healthy increase in value was followed by a gradual downtrend in price which later reversed back into a steady uptrend. At press time, the Parabolic SAR markers are positioned under the candlesticks indicating bullishness for the coin’s price.
The Relative Strength Index noted that its value was close to the overbought zone indicating stability for the price as the buyers and sellers seem to be actively involved in trading the digital asset.