Crypto Price Analysis Feb-11: Ethereum, Ripple, Cardano, Solana and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.

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Ethereum (ETH)

ETH failed to push above $3,200 this week and fell back on the $3,000 support level yesterday, where the price is now consolidating. Despite this most recent pullback, the cryptocurrency had a stellar performance this week, with a 16% price increase in the past seven days.

The big question is if ETH can hold above $3,000. If it manages to do so, then bulls might be in a position for another shot at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800, which would make it lose a critical psychological level ($3,000).

Looking ahead, the indicators remain bullish, which gives reasons to be optimistic. Buyers need to defend the $3,000 level. Otherwise, sellers may take over the price action in the coming week.

ETHUSD_2022-02-11_11-11-14
Chart by TradingView

Ripple (XRP)

XRP had a major breakout this week, with the price moving above the key resistance at $0.70 and quickly reaching $0.90 after that. Overall, it was a fantastic week for XRP with a 34% price increase.

However, it failed to push above $0.90 and is now found in a correction with support at $0.80. This is not surprising, considering the massive rally that happened not too long ago. If $0.80 fails, then XRP may fall all the way back on the $0.70 level, which is now acting as support (was resistance before the breakout).

The indicators are still bullish for XRP, and this pullback can also be explained by the daily RSI, which briefly entered overbought conditions during the rally and now fell back below 70 points. Once this correction is over, XRP may attempt a new rally to test the critical psychological level at $1.

XRPUSDT_2022-02-11_11-16-48
Chart by TradingView

Cardano (ADA)

ADA also had a good week, but the resistance at $1.2 did not allow it to move higher, and it has been struggling since then. Nevertheless, the cryptocurrency closes the last seven days in green with a nice 9% price increase.

Considering the ongoing correction, ADA may fall back on the key support at $1.1 before any renewed rally can be expected. Even if this happens, the overall price action remains bullish, and after the pullback, ADA may rally once more and try to cross above $1.2.

The indicators remain bullish and seem likely to stay if ADA does not fall under the key support. This should prepare it for a nice rally next week if the bullish momentum resumes. On the other hand, a drop under $1.1 would likely push ADA into a bearish trend.

ADAUSDT_2022-02-11_11-18-47
Chart by TradingView

Solana (SOL)

After a rally to $120, SOL failed to move higher, and since then, the price has been falling towards the key support at $100. It is unlikely for SOL to turn back right now, and a test of the key support appears probable. Despite the current correction, SOL still managed to close the past seven days in green with a 5% price increase.

Volume has been falling as price went higher last week, which was an early signal that SOL did not have the momentum to sustain the rally. The MACD remains bullish on the daily timeframe, but the histogram is showing a loss of momentum with lower highs.

Next week will be crucial for SOL, and buyers have to do their best to defend the $100 level. Any failure there will only embolden sellers to take SOL under $100, which would be a significant defeat.

SOLUSDT_2022-02-11_11-26-59
Chart by TradingView

Shiba Inu (SHIB)

SHIB has been the best performer from our list, with a 50% price increase in the past seven days after a major breakout from the descending channel (in blue on the chart). Now, the price is consolidating above the key support at $0.000029.

If this consolidation continues and the support level holds, then SHIB may chart another leg up, which could take it all the way to $0.000040. The indicators remain bullish for now, and the only concern is the decreasing volume, which may cast some doubts on the strength of this rally.

Looking ahead, SHIB has put an end to the downtrend and started a new surge with a bang. It is unlikely for SHIB to make a lower low considering this latest development. Therefore, the most probable scenario now seems to be a consolidation or continuation of the rally.

SHIBUSDT_2022-02-11_11-37-02
Chart by TradingView

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Cardano Price Analysis: ADA Facing Critical Resistance Following 11% Weekly Spike

ADA’s price is currently challenging the key resistance level at $1.2 and has a good chance to move even higher.

Key Support levels: $1.1

Key Resistance levels: $1.2, $1.3, $1.5

Just like the overall sentiment of the past few days, ADA had a green week (11% ROI according to CoinGecko) so far as the price moved firmly higher, surpassing the $1 – $1.1 zone.

The current resistance at $1.2-1.3 is the next area to watch: Especially if the price can confirm $1.2 as resistance turned support level and challenge the next targets at $1.3 and event at $1.5 if momentum persists.

ADAUSDT_2022-02-09_15-16-33
Chart by TradingView

Technical Indicators

Trading Volume: The last move was followed by a decent amount of volume, but nothing out of the ordinary. We expect the volume to increase as the price moves higher.

RSI: The daily RSI has not made a higher high yet, but charting higher lows. The RSI has to go past 65 points to make a higher high, which seems possible over the coming week. Currently, the RSI sits at 54.

MACD: The daily MACD remains bullish with expanding histogram and moving averages. This puts ADA in a clear bullish trend.

ADAUSDT_2022-02-09_15-16-51
Chart by TradingView

Bias

The current bias is bullish.

Short-Term Prediction for ADA Price

The ADA price continued to move higher at a steady pace, in correspondence with the green momentum of Bitcoin. If this continues, ADA can easily reach $1.3 in the coming days.

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Cardano Price Analysis: Following the 5% Daily Surge, is ADA Ready to Test $1.2?

Key Support levels: $1.1, $1

Key Resistance levels: $1.2, $1.36

The market turned bullish yesterday, and ADA has moved above the key resistance at $1.1, which is now acting as support. The next level to pass is at $1.2, and the cryptocurrency is still gathering momentum to challenge it. ADA seems likely test this level in the coming days, depending on the overall market, which favors the buyer’s side at this time.

ADAUSDT_2022-02-05_17-49-30
Chart by TradingView

Technical Indicators

Trading Volume: ADA closed the last three days in green. While the volume was not high, it was dominated by bulls.

RSI: The daily RSI has made a higher low which is bullish. To make a higher high, the RSI needs to move above 65 points which is quite a distance from the current level at 50 points.

MACD: The daily MACD has turned bullish yesterday after a positive crossover. Now, the momentum is favoring bulls, but ADA will be challenged by the $1.2 resistance.

ADAUSDT_2022-02-05_17-49-44
Chart by TradingView

Bias

The current bias is bullish. A clean break above the key resistance will open the way for ADA to move much higher.

Short-Term Prediction for ADA Price

The price action for ADA has turned bullish yesterday, and now the buyers are preparing their assault on the $1.2 resistance, which is the most significant challenge. If successful, the cryptocurrency could begin a stronger rally.

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Cardano Price Analysis: ADA Consolidation Likely to End By a Huge Move

After successfully retesting the $1 key support, Cardano (ADA) appears to prepare a possible breakout from its current price range, if the recent crypto bullish sentiment continues.

Key Support levels: $1, $0.92

Key Resistance levels: $1.1, $1.2

ADA’s price has been consolidating between the critical support ($1) and resistance ($1.1) for over a week. The recent price action and technical indicators give hints of a possible breakout off this range. ADA rarely stays for too long inside a tight range, so the most likely solution – volatility should return soon with a significant move.

ADAUSDT_2022-02-01_13-45-11
Chart by TradingView

Technical Indicators

Trading Volume: Volume has been very low lately for ADA, indicating a major breakout can be anticipated in the near future.

RSI: The daily RSI continues to be rather flat without a clear trend, this is in line with the current price action. However, on the lower timeframes such as the 4-hours’ chart, the RSI has been making higher lows, this is a bullish sign.

MACD: The daily MACD remains bearish, but the histogram and moving averages continue to curve up. At this rate, a bullish crossover is likely in the coming days, mainly if the price breaks the key resistance.

ADAUSDT_2022-02-01_13-44-59
Chart by TradingView

Bias

The current bias is somewhat bullish. This would be confirmed if ADA managed to break the key resistance at $1.1.

Short-Term Prediction for ADA Price

While in the next few days, ADA could continue to consolidate between the key levels, a breakout should be expected, particularly if the daily MACD goes through a bullish crossover. The current low volume seems to anticipate a significant move. Therefore, expect to see momentum and volatility return to ADA.

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Cardano Price Analysis: The Calm Before the Storm, ADA’s Breakout Imminent?

Cardano (ADA) has been consolidating inside a tight range for a while, but it appears that a possible breakout is likely incoming over the next few days.

Key Support levels: $1, $0.92

Key Resistance levels: $1.1, $1.2

ADA has been moving between the key support at $1 and the resistance at $1.1 over the past week, unable to break free. Last Wednesday, there was an attempt to move above the key resistance, but sellers pushed ADA back to the consolidation range.

At the time of this writing, the price action continues its consolidation on low volume (probably due to the weekend), which may anticipate a major move in the coming week.

ADAUSDT_2022-01-30_15-07-25
Chart by TradingView

Technical Indicators

Trading Volume: Volume has been declining since the sell-off, and now both the volatility and volume are minimal. This usually precedes a major move.

RSI: The daily RSI attempts to move higher but lacks momentum. The bulls will hope that the new week will provide the push ADA needs to break away from the current range.

MACD: The daily MACD remains bearish, but the histogram and moving averages are curving up. With a bit of luck, ADA may successfully break the resistance which can propel price rally.

ADAUSDT_2022-01-30_15-07-13
Chart by TradingView

Bias

The current bias is neutral. ADA needs to break out from the existing range to change this bias and gets its next direction.

Short-Term Prediction for ADA Price

The current consolidation signals a quiet period for ADA with low volatility. The range between $1 and $1.1 is very tight and the price will eventually break away, likely over the next few days. Therefore, expect ADA to make a significant move in the coming week as bears and bulls battle for dominance.

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Certain Cardano Investors Doubled Their ADA Holdings During the Crash

The most recent price plummets in the cryptocurrency market have not deterred large investors from accumulating more portions of certain assets. This became evident for Cardano’s native token, as on-chain data revealed that some ADA wallets have more than doubled their holdings in less than two weeks.

ADA Appetite Increases With Lower Prices

It’s safe to say that the cryptocurrency space went through a steep correction since the middle of January, wiping more than $500 billion from its cumulative market cap in a week at one point. Cardano, which spiked to a six-week high on January 18th at $1.65, was among the most harmed assets.

ADA declined by 45% in four days from the aforementioned local peak to $0.92 on January 22nd. Since then, the token has reclaimed some of its lost ground and trades above $1, but it’s still about 25% down on a year-to-date basis.

Nevertheless, this slump hasn’t dampened investors’ appetite for the asset. Just the opposite, as revealed by data from Santiment. The analytics resource reported that addresses holding between 10,000 and 1,000,000 tokens increased their bags by nearly $55 million worth of ADA in less than two weeks.

From a percentage perspective, this means that their holdings rose by more than 110% in 11 days.

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It’s worth noting that IntoTheBlock data showed something similar for BTC as well. As reported yesterday, whales and long-term holders have continued accumulating during the price crash, in which bitcoin dropped by $10,000 in days.

Cardano’s Network Issues

While the appetite for the native token seems to be strong, the network behind it has been experiencing some issues lately.

Reports started to emerge last week that numerous transactions failed due to congestion on the blockchain following the launch of the first Cardano-based dApp – SundaeSwap.

With other applications starting to run on the blockchain, the congestion only increased in the following days. In fact, the blockchain load on Cardano began to surge in the middle of January and peaked on the 21st at 94.1%. It has remained above 90% for nearly two weeks now.

Cardano increased its block size by 12.5% two months ago, but this doesn’t seem to have the necessary effect. As such, the team aims to introduce a layer 2 scaling solution during the next Hydra update later on this year.

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Crypto Price Analysis Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,

Ethereum (ETH)

This past week, ETH finally found support after a significant crash under the $3,000 level. The support at $2,200 managed to stop the downtrend, and now the price is found in a consolidation mode below the key resistance at $2,550. It was not an easy week for ETH, losing 20% of its dollar value.

The cryptocurrency attempted to rally this past Wednesday, briefly reaching $2,725 before sellers pushed the price back below the key resistance. Since then, ETH has not managed to retest the level and has moved sideways. While this shows some indecision in the price action, at least this most recent move has prevented ETH from dropping lower.

As price consolidates, market participants become more uneasy because there is no way to know if this consolidation precedes a further correction or a recovery. The indicators do not bring any confidence on the buyer side, and the overall market appears weak.

ETHUSD_2022-01-28_11-37-55
Chart by TradingView

Ripple (XRP)

XRP has been moving just above the key support level at $0.58 for most days in the past week after a significant drop last Friday. Overall, XRP fell by 17% compared to seven days ago and has failed to recover most of the recent losses.

The current price action does not inspire confidence, and a retest of the key support appears likely. The resistance is found at $0.65, and the last retest was sharply rejected by the bears. Since then, the price has been on a slow descent towards support.

Looking ahead, XRP lacks buying pressure to attempt a breakout, and if the market remains weak, it may be that sellers will take advantage and push the cryptocurrency lower yet again. The RSI on the daily timeframe has not left the oversold area in over a week now. This signals a strong downtrend as the bias remains bearish for XRP.

XRPUSDT_2022-01-28_11-46-45
Chart by TradingView

Cardano (ADA)

ADA appears on a clear path towards testing the support at $1 after failing to rally beyond the resistance at $1.1. Price has continued to make lower highs, and in the past seven days, ADA lost 19% of its dollar value.

Moreover, ever since the cryptocurrency made its all-time high at $3.1, the trend has been bearish, with lower lows and lower highs. The most recent lower low was made last Saturday. This re-confirms the bearish trend, and continuation is the most likely outcome. Volume has also decreased substantially, which may explain why the price is hesitating on where to go next.

A break below $1 might have a major psychological impact on ADA’s future price action. Therefore, it’s expected to see a significant battle over the coming days as buyers and sellers will fight for dominance around this key level.

ADAUSDT_2022-01-28_11-56-26
Chart by TradingView

Solana (SOL)

SOL mirrors ADA and shows a similar level of uncertainty just above the key support at $79. The price action remains bearish with lower highs and lower lows after a failure to break above the key resistance at $100. A retest of the support appears likely, and SOL closed the past seven days in red, losing 30% of its value.

Sellers continue to dominate the price action, with five red daily candles in the past seven days. Moreover, the daily RSI has been moving flat in the oversold area at around 24 points for over a week. The failure of SOL to rally and move away from such extremes is a warning sign that sellers may not have finished their job yet.

Looking ahead, SOL has a good chance to stop the downtrend at the $79 support level. Then, if buyers return to the market, it can attempt a recovery.

SOLUSDT_2022-01-28_12-11-27
Chart by TradingView

Luna

Luna lost a key support level yesterday, falling under $54, and now the price appears ready to move lower. If buyers cannot stop this selloff, then Luna is likely to fall to the next support level at $42. Overall, it had a very disappointing week, losing 33% of its value over the past seven days.

The former support level at $54 has now turned into resistance, and the indicators are in a free fall. The daily RSI has not yet reached the oversold area, indicating that Luna can continue to fall for quite some time until it reaches this extreme that may attract buyers again.

The MACD histogram and moving averages are also expanding downward, with little evidence this selloff will end soon. Right now, the sellers dominate the chart with six red candles in the past seven days.

LUNAUSDT_2022-01-28_12-22-42
Chart by TradingView

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ADA Crashed Below $1, Recording Lowest Since April 2021 (Cardano Price Analysis)

Following the negative sentiment in the crypto markets, ADA, Cardano’s native token, has slammed below the $1 mark. Despite a wick below on Saturday, this level is the lowest since April 2021. ADA is now 68% below its ATH from September.

Key Support levels: $0.9, $0.67-0.7

Key Resistance levels: $1, $1.2

ADA seemed to find a temp relief over the weekend, but this quickly changed on Monday (as of writing this) when the price tanked.

The bears appear to have complete control of the market, as it seems like ADA is heading quickly to reach the next support at $0.9. If the latter won’t hold, the next major support area is further below – $0.67-0.7 (Fib level + February’s low).

ADAUSDT_2022-01-24_14-04-29
Chart by TradingView

Technical Indicators

Trading Volume: High volume followed the most recent crash which is a bearish sign and a red flag. The last six out of seven daily candles were red.

RSI: The daily RSI crashed after the most recent high at $1.6, going from 65 points to 36. This tells on sustained selling pressure. However, the RSI has yet to enter the oversold area, indicating that the sell-off has not ended yet.

MACD: Last Friday, the daily MACD made a bearish crossover, which only accelerated over the following days. There is no sign of a possible reversal at the moment.

ADAUSDT_2022-01-24_14-04-16
Chart by TradingView

Bias

The current bias is bearish. ADA also went through a lower low in 2022, which is indicative of a downtrend.

Short-Term Prediction for ADA Price

Due to a lack of buyers, and just like the negative sentiment of the crypto markets, ADA’s price has continued to decline over the past week with a very minor bounce that took place during the weekend.

Today, the price continued South. For this reason, it is too early to expect a reversal and the most probable case for Cardano is a bearish continuation, turning the $1 into solid resistance.

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Crypto Price Analysis Jan-21: Ethereum, Ripple, Cardano, Solana, and Polkadot

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Polkadot.

img1_cryptopost

Ethereum (ETH)

Last night, the significant market crash pushed ETH’s price under the critical support of $3,000, which will now act as resistance. Unfortunately, the loss of this crucial psychological level is a major blow to most market participants and sets the stage for ETH to potentially explore lower levels this year. Compared to seven days ago, ETH lost 11.4% of its dollar value.

The outlook on the market is very bearish, and one of the possible scenarios is for ETH’s price to rally and confirm the $3,000 level as resistance, after which the correction may continue. The current support is now found at $2,800 but appears weak.

Looking ahead, considering this latest breakdown in market structure, ETH has a good chance to fall lower in 2022. Targets such as $2,000 or below are now a very real possibility due to the current price action. The only way this can be avoided is if ETH reclaims the $3,000 level and turns it into support again.

ETHUSD_2022-01-21_10-37-56
Chart by TradingView

Ripple (XRP)

XRP did not fare better after last night, losing the key support at $0.70, which is now being contested between bulls and bears. Overall, the cryptocurrency lost 9.9% of its price in the past week. The next key support level is found at $0.65 and may provide a short relief if the decline continues.

What is interesting to note about the XRP price action is that the drop yesterday was quite shallow if we compare it to BTC or ETH. This signals that the market already considers XRP to be at a significant discount. This may, of course, change in the future if the market remains bearish, but the bears were not as aggressive in this case.

Earlier this week, XRP gave some bullish signals, such as the higher lows on RSI and bullish MACD. However, due to this last drop in price, those signals have now been invalidated.

XRPUSDT_2022-01-21_10-59-06
Chart by TradingView

Cardano (ADA)

ADA’s price action this past week resembles a roller coaster with price volatility being off the charts. After it rallied to $1.6, the price dropped back to $1.2. These are swings exceeding 30% in a few days. The key support just above $1 has not been tested during this most recent drop, but it did push ADA to erase most of its recent gains. Overall, the cryptocurrency is back where it was last week.

The resistance above $1.5 will likely not be tested any time soon considering current market conditions and the indicators on ADA are quickly turning bearish. It would be interesting to see how it performs in the coming week if the market remains bearish.

Looking ahead, Cardano just saw the release of its first decentralized automated market maker called SundaeSwap, which seems to have had a very difficult rollout with transactions stuck and huge slippage. The creators warned that they may face bottlenecks on the network, but this does not seem to bode well for ADA holders.

ADAUSDT_2022-01-21_11-12-01
Chart by TradingView

Solana (SOL)

Yesterday night, SOL broke below the key support at $132, and the decline has temporarily stopped at the $120 level. However, this breakdown signals that SOL may fall to the next key support in the next few days found at $113.

The previous support has turned into resistance, and unless SOL moves above $132, it seems unlikely that this downtrend will end anytime soon. Overall, SOL had a terrible week, losing 15.6% of its value.

With this latest crash, the RSI has entered the oversold area (<30 points) on the daily timeframe, and the MACD did a bearish crossover. These are key signals that the bears have full control of the price action.

The overall picture for SOL is bleak, and the question is if it will manage to maintain a price level above $100. A failure there will signal a much deeper correction for SOL in 2022.

SOLUSDT_2022-01-21_11-13-20
Chart by TradingView

Polkadot (DOT)

DOT also lost its key support at $24, ending a long consolidation period within a large price range ($24 – $32) that started in December 2021. Now, the price appears set to test the next key support level at $20. Due to this most recent price action, DOT has lost 11.2% of its valuation in a week.

The resistance is found at $24, as former support levels turn into resistance during an indecisive market. The indicators also continue to signal a bearish price action.

The coming week may see a general bounce across the market, and DOT may retest the $24 level. It is, however, important to keep an eye on the bigger picture and not be lured into potential traps.

DOTUSDT_2022-01-21_11-21-42
Chart by TradingView

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Market Watch: Bitcoin Still Around $42K, Cardano (ADA) Sees 20% Correction in 2 Days

Bitcoin’s consolidation of around $42,000 continues as the asset is still unable to break above that level. Most altcoins are slightly in the green on a daily scale, except for Cardano. ADA has lost 20% of value in the past few days.

ADA in Red as Altcoins Aim for Recovery

Most alternative coins suffered in the past few days. Ethereum went from around $3,300 to just over $3,000. Now, though, the second-largest cryptocurrency has recovered some ground and stands above $3,100 after a minor increase on a daily scale.

The majority of the larger-cap alts are in a similar position. Binance Coin, Solana, Ripple, Terra, Polkadot, Dogecoin, Avalanche, and Shiba Inu are all slightly in the green.

In contrast, Cardano’s native token has retraced by 3.5% in a day. ADA reached a multi-week peak at $1.65 a few days ago after an impressive run. Since January 18th, though, the token has dropped by roughly 20% to $1.33 as of now.

More impressive gains come from FTX Token (8%), Cosmos (7.5%), Osmosis (7.2%), and Hedera (6%).




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The crypto market cap has remained relatively still since yesterday and is still below $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Consolidates at $42K

The primary cryptocurrency has been untypically stable in the past several days after getting rejected at $44,000 on Sunday. It dropped by a few thousand dollars since then and reached a weekly low at just over $41,000, as reported yesterday.

Bitcoin bounced off and jumped to above $42,500 rather quickly but went on the downhill once again shortly after. Since then, BTC has remained around $42,000.

Consequently, its market capitalization has failed to reclaim the $800 billion mark. Moreover, BTC’s dominance over the altcoins is at 40% after getting slightly reduced this week.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.






Source

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Bitcoin (BTC) $ 26,869.20 0.85%
Ethereum (ETH) $ 1,855.40 0.43%
Litecoin (LTC) $ 91.75 2.95%
Bitcoin Cash (BCH) $ 112.66 0.05%