#multimonth

Hashprice has plunged to its lowest level since April, when bitcoin was trading around $76,000, now sitting at $43.1 per petahash/second (PH/s). Hashprice, a term coined by Luxor, refers to the expected value of one terahash per second (TH/s) of hashing power per day, representing how much a miner can earn from a specific amount of hashrate. It is influenced by bitcoin’s price, network…

Cardano Price Threatens Multi-Month Low Unless Bulls Defend This Support

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The Cardano (ADA) price experienced a decline, breaking below the $0.33 level. This downward movement has resulted in bears gaining control of the market. ADA has lost around 4% of its value in the past 24 hours and has seen a weekly plunge of approximately 10%.

The technical outlook for ADA indicates a bearish intent for the altcoin. Demand and accumulation have significantly decreased on the chart, reflecting a lack of buying interest. The overall market sentiment has remained negative, with Bitcoin also exhibiting volatility. Most other altcoins have followed a similar downward trend.

For ADA to initiate a recovery, it would require renewed buying interest in the upcoming trading sessions. Otherwise, there is a possibility that ADA may reach a multi-month low. The recent news of the SEC suing Coinbase and Binance US has had a notable impact on market sentiment, fueling further selling pressure.

Related Reading: Shiba Inu Breaks Below This Formation: Signals Potential Further Losses

The overhead resistance for ADA is crucial, and breaching that level would be necessary for the altcoin to revive its price. The decline in the market capitalization of ADA suggests that sellers are dominating the market currently.

Cardano Price Analysis: One-Day Chart

Cardano was priced at $0.32 on the one-day chart | Source: ADAUSD on TradingView

As of the time of writing, ADA was trading at $0.32. In recent trading sessions, ADA broke below the long-standing support line at $0.33, suggesting a potential continuation of the downtrend. The key overhead resistance at $0.33 becomes important for ADA to regain bullish momentum and surpass $0.38.

However, if ADA fails to sustain its current price level, there is a possibility of a further decline below $0.30, potentially revisiting its March low of $0.29. The trading volume for ADA in the last session is already lower, indicating weaker buying strength in the market.

Technical Analysis

Cardano was nearly oversold on the one-day chart | Source: ADAUSD on TradingView

As ADA broke below the crucial $0.33 support line, buyers’ confidence diminished, leading the coin to hover around the oversold zone. The Relative Strength Index (RSI) is currently below the half-line and near the 30-mark, indicating nearly oversold conditions.

If sellers exert further pressure, ADA may enter the oversold territory. Additionally, ADA is trading below the 20-Simple Moving Average (SMA), indicating that sellers are driving the price momentum in the market.

Cardano depicted sell signals on the one-day chart | Source: ADAUSD on TradingView

In alignment with other bearish indicators, ADA formed sell signals on the one-day chart. The Moving Average Convergence Divergence (MACD), a momentum indicator, displayed red histograms that are associated with sell signals for the altcoin.

This suggests a weakening bullish momentum. The Bollinger Bands, which measure volatility, have diverged significantly. This indicates the potential for price fluctuations and increased volatility in the upcoming trading sessions.

Featured Image From UnSplash, Charts From TradingView.com

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Solana Retests Multi-Month Trend Line, Bulls Prevailing Again?

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Sunday night’s crypto market-wide correction has once again sent the Solana price down to a level that is crucial for price action in the coming weeks. SOL has been forming an ascending trend line on the 1-day chart since late December last year, which could lead the price back into bullish territory, as NewsBTC reported.

Already in the last few days, the Solana price had tested the trend line (black) before a decent bounce to the upside took place. However, yesterday’s price action pushed SOL back to the trendline. However, as the 4-hour chart shows, SOL has shown strength and remained above the trendline.

Solana price, 4-hour chart | Source: SOLUSD on TradingView.com

The retracement has also caused Solana’s Relative Strength Index (RSI) to reset on the 4-hour chart. With the RSI near the overbought zone at 68, there has now been a healthy pullback to 41. Thus, the 4-hour chart continues to look bullish.

A look at the 1-hour chart continues to show a similarly strong picture. For SOL’s bulls, today is all about closing above the $22 level to stay above the trendline. If successful, the bulls can once again tackle resistance at $22.78 before the big challenge: the 200-day Exponential Moving Average (EMA) (blue).

Solana holds above the trend line, 1-day chart | Source: SOLUSD on TradingView.com

Solana already fell below the “bull line” on April 8, 2022, which technically means it is still in bear territory. The collapse of FTX and the entanglements are certainly one reason why SOL is still undervalued compared to other altcoins.

While numerous altcoins are already trading above the 200-day EMA, the indicator remains the most important target for Solana. However, this will likely require a renewed upswing in the overall crypto market, especially in the leading cryptocurrency Bitcoin.

Once the 200-day EMA falls, Solana’s yearly high at $27.13 comes into focus, where the 38.2% Fibonacci level is also located. Subsequent Fibonacci levels would be $33.06 (50% Fibonacci), $39.14 (61.8%Fibonacci), and $47.81 (78.6% Fibonacci).

Remarkably, Solana’s current strength can also be seen in the SOL/BTC chart (1-day chart). SOL is on the verge of breaking out of a descending parallel channel that has defined Solana’s trend since mid-January.

SOL/BTC, 1-day chart | Source: SOLBTC on TradingView.com

Bullish News For Solana

Last Friday, payments giant Mastercard announced that it is working with a handful of layer 1 projects to create common standards. Among them is Solana. In addition, Mastercard has selected the blockchains: Ethereum, Aptos, Polygon and Avalanche. The Solana Foundation commented via Twitter:

The Solana Foundation is excited to work with Mastercard on tools to verify trusted interactions and help secure interactions between web2 and web3 apps. This is a positive step forward in enabling trust in trustless environments for consumers, businesses, and the greater.

At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas

— Mastercard News (@MastercardNews) April 28, 2023

Featured image from Exodus Wallet, charts from TradingView.com

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Bullish On Chart As Chainlink Price Dips To Multi-Month Low

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The Chainlink price has dropped to an eight-month low as the coin fell from the $6.30 price level. Since the Chainlink price has touched a multi-monthly low, the chances of the price turning around remain extremely likely. As Bitcoin slipped on its chart too, most altcoins have been depreciating on their respective charts as well.

The technical outlook of the coin was bearish as accumulation decreased due to an increase in liquidation. Broader market support is necessary for LINK to propel its price to a higher level. For instance, Bitcoin has been stuck between the $17,400 and the $18,000 price levels.

If BTC trades above the $17,400 level, multiple altcoins can potentially rally. Although the overall trend of the Chainlink price does not clearly indicate a breakout on the upside, the coin currently trades near a level that has previously triggered several rallies for the coin. Chainlink’s trading volume has decreased, indicating that bears have taken control of the market.

Chainlink Price Analysis: One-Day Chart

Chainlink was priced at $5.99 on the one-day chart | Source: LINKUSD on TradingView

LINK was trading at $5.99 at the time of writing. Ever since Chainlink fell from the $6.30 price level, the altcoin has broken below multiple support lines. Presently, the altcoin has secured the $5.70 support line as its local price floor.

If demand for the altcoin registers a considerable increase, then the first barrier for LINK stood at $6.30, which marks a 40% rally in the price of the asset alone.

Moving above the $6.30 mark can push LINK into the $7 zone. On the other hand, losing the $5.70 support line will drag Chainlink to $5.40. The amount of LINK traded in the last session declined, indicating sellers were dominant in the market.

Technical Analysis

Chainlink registered low buying strength on the one-day chart | Source: LINKUSD on TradingView

The altcoin has registered a significant fall in demand ever since the beginning of this month. The Relative Strength Index (RSI) also noted a multi-month low at the time of writing. The RSI was below the 40-mark and it registered a downtick; this could mean a further fall in price before LINK makes a comeback.

Related Reading: Breaking: One Of The Largest P2P Crypto Exchanges Removes Ethereum Due To ‘Integrity’

The Chainlink price also travelled below the 20-Simple Moving Average (SMA), representing that the sellers were driving the price momentum in the market. SMA, however, registered a golden cross, which is when the 20-SMA crossed over the 50-SMA line; this marks a bullish signal for the coin.

Chainlink displayed sell signal on the one-day chart | Source: LINKUSD on TradingView

LINK also captured a sell signal on the daily chart. This was an indication to owners to sell the asset and buy later, as the altcoin’s price could fall further. The Moving Average Convergence Divergence (MACD) displayed red signal bars that are tied to the sell signal for the asset. The Bollinger Bands portray price volatility and fluctuation. The bands drew closer together, indicating that the price might fall further.

Over the last 24 hours, LINK has dipped by 2%. In the past week, the coin has lost close to 14% of its market value.

Featured Image From UnSplash, Charts From TradingView.com

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