Cardano appeared to be trading the $ 1.27 – $ 1.16 channel and the next big swing could propel it towards the $ 1.31 resistance. If Neo maintains its support at $ 42.84, the price could rise in the next few sessions. Eventually VeChain was trading close to record levels, but its indicators pointed to a short-term downward move.
March was a mixed match for the fifth largest cryptocurrency in the world – Cardano. In the first few days of the month, ADA continued its record decline, falling to the $ 1 mark. A pickup from that point on allowed ADA to release a fresher ATH, but selling pressure was quick to drive the price south again. At the time of writing, the price was in recovery mode as it hovered between $ 1.27 and $ 1.16, waiting for the next big swing.
The ADX was shown north of 28 and showed that the bulls were gaining strength in the market. The RSI shared a similar sentiment as it traded up from near the 60 mark. The next level for the bulls in the market could be around the $ 1.31 resistance.
As Neo retook $ 42.84 and flipped to support, gains were capped at the upper cap of $ 46.28. The OBV was limited at press time, a sign that buying pressure has escaped the market. A decline in the 24-hour trading volume also had a positive effect on an optimistic result. The MACD joined a bearish crossover while the histogram noted a slowdown in dynamics.
With the indicators taking a bearish position, the focus would be on support at $ 42.84 for the next few sessions. If the bulls maintain this level, a breakout north would be possible in the short to medium term.
At the time of writing, VeChain was trading in the midst of its immediate support and resistance and only 10% from its most recent ATH. The consolidation phase of the print time would likely lead to higher levels in the long term. However, the indicators noted a certain downward movement in the market. The signal line crossed over that MACD Line, while the histogram registered a series of red bars below the half-mark.
While it is unlikely to break below the current channel, it could add additional losses towards the USD 0.076 support.
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