The sell-off in the cryptocurrency market deepened over the weekend, with major assets extending their weekly losses.
Cardano (ADA) was significantly affected, experiencing increased selling pressure and triggering a “death cross” signal on its short-term charts.
A death cross, indicating bearish momentum, occurs when the short-term moving average crosses below the long-term moving average. For Cardano, this pattern appeared on the four-hour chart as the 50-period moving average fell below the 200-period moving average. This signal suggests potential further declines for the ADA.
According to Santiment, historical data shows that low seven-day average trader returns for leading cryptocurrencies, including ADA, increase the likelihood of a rebound. The online analytics company also noted that when we see such low 7-day average trader returns for leading cryptocurrencies such as BTC, ETH, ADA, XRP and others, the likelihood of a rebound increases significantly.
A relief rally for ADA could target the 50-day SMA at $0.397 and further at $0.43. A sustained break above the 200 day SMA at $0.50 could initiate a bullish recovery for Cardano, allowing it to break out of its current trading range. Conversely, if the decline continues, Cardano could find support between $0.31 and $0.33.
At the time of writing, ADA is down 3.5% over the past 24 hours to $0.3474 and down 15% for the week.
Interactive Brokers, one of the world’s largest online brokerage platforms, is exploring the possibility of issuing its own stablecoin, signaling a potential expansion into blockchain-driven financial infrastructure as U.S. crypto regulation begins to ease.
Trading volumes for BNB Coin (BNB) have doubled in the past 24 hours to $3.8 billion as the price rises by 7%. This favors a bullish BNB Coin price prediction at a point when the token just made a new all-time high. BNB is the second crypto in the top 5 to make a new […]
The Pudgy Penguins’ PENGU token is under intense scrutiny after large transfers from its team wallet raised potential red flags.
BNB surged to a new all-time high on July 28 around $860, breaking above the critical $846 level following a sharp 7% intraday move.