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Cardano, Algorand & Bitcoin — Asian Wrap 20 January

Cardano price is witnessing the first signs of a correction following the 55% rally established this winter. This thesis analyzes previous market behavior and technical indicators to forecast a plausible scenario for ADA in the weeks to come.

Algorand price shows rejection from a critical barrier, which could entice a sweep of 2020 liquidity levels. ALGO price could decline towards $0.17, a 20% loss in market value. A daily candlestick close above the 8-day exponential moving average at $0.228 is needed to invalidate the bearish scenario.

Bitcoin regained traction after pulling back from new multi-month high (21638) and falling by 2.6% on Wednesday, as more hawkish than expected stance from Fed temporarily soured the sentiment. Larger bulls remain intact after the pullback found footstep above initial support at 20316 (broken 50% retracement of 25194/15437 bear-leg) which guards psychological 20000 support and keep this week’s large gap unfilled, maintaining bullish bias.

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