Bitcoin transaction fees have stayed below since Jun. 9, 2024, and have fallen under in the last five days. Even with this decrease in fees, over 200,000 unconfirmed transactions have persisted in the backlog, as the queue has not come close to clearing since October 2023. Bitcoin’s Fee Market Struggles to Match Network’s […]
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Cardano (ADA) Faces Further Decline, $0.3389 Support Under Threat
Cardano (ADA) is currently experiencing a downward trend, with its price approaching the crucial support level of .3389. The cryptocurrency market has been under significant bearish pressure, and ADA is no exception.
This decline is fueled by a mix of macroeconomic factors, market sentiment, and technical indicators pointing to continued weakness. As Cardano nears this critical support level, investors and traders are closely monitoring its performance to determine if it can hold the line or if further declines are imminent. The .3389 level is now a key focus for the market, potentially shaping ADA’s short-term future.
With the help of technical indicators, this analysis focuses on analyzing Cardano’s current price action and its impact on the asset’s future focusing on the 4-hour and the 1-day timeframe.
Presently, the market capitalization of Cardano is over billion, with a trading volume of over 2 million. The cryptocurrency price is currently down by 2.94%, trading at roughly .3786. Despite a 2.91% decrease in market capitalization, there has been a 10.38% increase in trading volume in the past day.
Review Of Recent Market Performance Of Cardano
Currently, the price of ÀDA is actively bearish trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. Due to this Cardano is beginning to decline towards the .3389 support after a failed upward attempt. With this current price action, it can be suggested that ADA’s bearish trend may likely extend.
Also, the Relative Strength Index (RSI) confirms that the price of ADA may extend its decline toward the .3389 support zone as the signal line of the indicator has dropped below 50% and is heading towards the oversold zone.
Meanwhile, on the 1-day chart, ADA’s price is trading below the 100-day SMA dropping towards the .3389 support level with strong bearish momentum after short-term upward recovering.
Additionally, with the formation of the 1-day RSI, it can be suggested that Cardano poses more of a threat to extending its decline as the signal line of the indicator is actively trending below 50% attempting to make another drop towards the oversold zone.
Strategies For Navigating ADA’s Decline
An analysis of potential key levels to look out for reveals that ADA’s price may continue to move downward toward the .3389 support level. Should the crypto asset break below this level, it may move lower to test the .2388 support level and probably move on to test other lower levels if the price breaches this level.
However, if there is a rejection at the .3389 support level, Cardano may start moving upward toward the .5229 resistance level. If this level is breached, the crypto asset may experience more price growth toward the .6822 resistance level and possibly other levels above.
Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend
Cardano price failed to surpass .40 and started another decline. ADA is now trading below .3850 and might extend losses in the near term.
- ADA price started a fresh decline and traded below .3880.
- The price is trading below .3850 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at .3845 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could extend losses and test the .370 support zone.
Cardano Price Dips Again
In the past few days, Cardano attempted a recovery wave above the .3650 zone like Bitcoin and Ethereum. However, ADA failed to clear the .40 resistance zone. A high was formed at .3967 and the price started a fresh decline.
There was a move below the .3880 and .3865 support levels. The price declined below the 23.6% Fib retracement level of the upward move from the .3620 swing low to the .3967 high. Besides, there was a break below a key bullish trend line with support at .3845 on the hourly chart of the ADA/USD pair.
ADA price is now trading below .3850 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the .3850 zone.
The first resistance is near .3880. The next key resistance might be .40. If there is a close above the .40 resistance, the price could start a strong rally. In the stated case, the price could rise toward the .4150 region. Any more gains might call for a move toward .4250.
More Downsides in ADA?
If Cardano’s price fails to climb above the .3850 resistance level, it could continue to move down. Immediate support on the downside is near the .3795 level or the 50% Fib retracement level of the upward move from the .3620 swing low to the .3967 high.
The next major support is near the .370 level. A downside break below the .370 level could open the doors for a test of .350. The next major support is near the .3350 level.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – .3790, .370, and .350.
Major Resistance Levels – .3880 and .400.
Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor
Bitcoin price failed to recover above the ,500 resistance zone. BTC is showing bearish signs and might decline again below the ,000 support.
- Bitcoin struggled to recover above the ,200 and ,500 levels.
- The price is trading below ,000 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance at ,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another decline unless there is a close above the ,000 resistance zone.
Bitcoin Price Remains At Risk
Bitcoin price started a recovery wave above the ,200 zone. BTC even attempted a move above the ,000 resistance zone. However, the bears were active near the ,500 zone.
A high was formed at ,454 and the price is now moving lower. There was a move below the ,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the ,448 swing low to the ,454 high.
Bitcoin price is trading below ,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance at ,850 on the hourly chart of the BTC/USD pair.
The price is now stable above the 50% Fib retracement level of the upward move from the ,448 swing low to the ,454 high. If there is another increase, the price could face resistance near the ,500 level. The first key resistance is near the ,850 level and the trend line.
The next key resistance could be ,000. A clear move above the ,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the ,500 resistance. Any more gains might send BTC toward the ,500 resistance in the near term.
More Losses In BTC?
If Bitcoin fails to climb above the ,000 resistance zone, it could start another decline. Immediate support on the downside is near the ,450 level.
The first major support is ,000. The next support is now forming near ,500. Any more losses might send the price toward the ,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,500, followed by ,000.
Major Resistance Levels – ,000, and ,500.
Ethereum Price Faces Recovery Hurdle: Examining The Roadblocks Ahead
Ethereum price started a recovery wave from the ,230 zone. ETH climbed above ,350, but it now faces strong resistance at ,420.
- Ethereum started an upside correction from the ,240 support zone.
- The price is trading below ,420 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near ,410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the ,420 and ,450 resistance levels to continue higher.
Ethereum Price Eyes Recovery
Ethereum price extended losses and traded below the ,350 zone. ETH even tested the ,240 support zone before it started a recovery wave like Bitcoin. There was a decent increase above the ,300 and ,320 levels.
The bulls pushed the price above ,350. It even spiked above the 61.8% Fib retracement level of the downward move from the ,518 swing high to the ,230 low. However, the price seems to be facing strong resistance near the ,420 zone.
There is also a key bearish trend line forming with resistance near ,410 on the hourly chart of ETH/USD. Ethereum is still trading below ,420 and the 100-hourly Simple Moving Average.
On the upside, the price is facing hurdles near the trend line and ,420. The first major resistance is near the ,450 level. It is close to the 76.4% Fib retracement level of the downward move from the ,518 swing high to the ,230 low.
A close above the ,450 level might send Ethereum toward the ,520 resistance. The next key resistance is near ,550. An upside break above the ,550 resistance might send the price higher. The next key resistance sits at ,620, above which the price might gain traction and rise toward the ,650 level. Any more gains could send Ether toward the ,720 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the ,420 resistance, it could start another decline. Initial support on the downside is near ,375. The first major support sits near the ,350 zone.
A clear move below the ,350 support might push the price toward ,280. Any more losses might send the price toward the ,240 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – ,300
Major Resistance Level – ,420
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Bitcoin Technical Analysis: BTC Faces Continued Downtrend Amidst High Selling Pressure
Bitcoin’s price continues its downward trajectory, coasting along at ,950 per unit on June 21, 2024. Despite showing potential entry points, the market is experiencing significant selling pressure across all time frames. Technical indicators suggest a cautious approach for traders as bearish trends dominate the charts. Bitcoin In the short term, the 1-hour chart indicates […]
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XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness
XRP, one of the leading cryptocurrencies, is currently grappling with extended bearish pressure amid prevailing market weakness. The digital asset has been facing significant downward momentum, influenced by a confluence of factors including macroeconomic uncertainties, regulatory challenges, and broader market sentiment.
Thus far, XRP’s price has struggled to maintain key support levels, exacerbating concerns among traders and investors about its near-term performance. As bearish momentum continues to dominate, this analysis delves into evaluating XRP’s current market position with the help of key technical indicators focusing on the 4-hour and the 1-day chart.
The price of XRP has increased by 0.63%, trading at about .4920 in the last 24 hours, with a market capitalization of more than billion and a trading volume of more than billion as of the time of writing. There has been a 1.06% decrease in market capitalization in the last day despite the trading volume being up by 5.89%.
XRP Current Market Performance And Trend
Currently, the price of XRP is actively bearish trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe, and the price here is beginning to decline after a failed upward attempt. With the current price formation, it can be suggested that XRP’s bearish trend may likely extend.
Also, the Composite Trend Oscillator confirms that XRP’s decline may be extended as both the signal line and the SMA of the indicator are descending from the overbought section toward the zero line.
In the 1-day chart, XRP is trading below the 100-day SMA attempting to move upward. It should be noted that this is just a short-term move as the crypto asset’s price at some point will begin to drop again thereby extending the bearish trend.
Additionally, the formation of the 1-day Composite Trend Oscillator indicates that XRP’s bearish trend may likely extend as both the signal line and the SMA of the indicator are trending below the zero line closed to the oversold zone.
Navigating The Bearish Market For The Token
With XRP currently facing significant bearish pressure, It should be noted that if the crypto asset continues bearish as predicted, it will begin to move towards the .4663 support level. If it breaks below this level, it will decline further to test the .4088 support level and may move to test the .3483 support level if it breaches the .4088 level.
However, if XRP fails to decline further and decides to move upward, it will begin to move toward the .5725 resistance level. Once this level is breached, XRP’s price will continue upward to challenge the .6697 resistance level and may move on to test other resistance levels above.
Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles
Bitcoin price is consolidating above the ,000 level. BTC could try to follow Ethereum and recover if it manages to clear the ,650 resistance zone.
- Bitcoin started a minor recovery wave above the ,000 level.
- The price is trading below ,500 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance at ,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the ,400 and ,650 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price extended its losses and traded below the ,000 level. BTC even tested the ,000 zone. A low was formed at ,050 and the price is now correcting losses.
There was a minor recovery above the ,500 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the ,255 swing high to the ,050 low. However, the bears are still active near the ,500 zone.
Bitcoin is now trading below ,500 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance at ,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the ,400 level and the triangle trend line. The first major resistance could be ,650 or the 50% Fib retracement level of the recent drop from the ,255 swing high to the ,050 low. The next key resistance could be ,000.
A clear move above the ,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the ,550 resistance. Any more gains might send BTC toward the ,500 resistance in the near term.
Another Decline In BTC?
If Bitcoin fails to climb above the ,650 resistance zone, it could start another decline. Immediate support on the downside is near the ,850 level.
The first major support is ,400. The next support is now forming near ,000. Any more losses might send the price toward the ,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,400, followed by ,000.
Major Resistance Levels – ,400, and ,650.