Cardano’s price has experienced a massive drop recently following the Ethereum crash. However, things are still looking more positive for ADA, compared to ETH. #Winning
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
Against USDT, the cryptocurrency has been consolidating between $1.2 and $0.8 over the past few months, forming a large descending channel pattern. #TrendingDown
However, it broke down to the downside during the crypto market crash led by Ethereum, and ADA’s price briefly traded below its 200-day moving average, located around the $0.6 mark, before rebounding higher. #EthereumFail
Currently, the price is trying to hold above the $0.8 support level, which would be vital if a bullish shift is bound to occur soon. #HoldOnTight
The BTC Paired Chart
The ADA/BTC chart shows a somewhat similar picture to that of the USDT-paired one. However, ADA is weaker than BTC. #WeakADA
The market has lost a key support level at 900 SAT and is now testing the 200-day moving average, which is located around the 750 SAT level. #SupportLost
In case of a breakdown, a deeper drop toward the 500 SAT area would be imminent. However, as the RSI is showing a clear oversold signal, a pullback toward the 900 SAT level looks more likely at the moment. #RSIKnowsBest
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2025-02-05 21:40