Cardano held on to its third rank on CoinMarketCap even after plummeting 20% within the past 24 hours. The rest of the market was also bleeding, as Bitcoin SV headed toward the $172 level of support. Dogecoin ceded a short-term range it was trading to bearish pressure.
The Awesome Oscillator showed a bearish twin peaks setup on the hourly chart. While these short-term signals can be unreliable by themselves, there was further evidence from the trading volume.
As ADA pulled back to $1.32, it saw a bounce to $1.42 – but this bounce was on low trading volume. This, coupled with the fact that bulls were unable to push the prices to or above the previous high, showed their exhaustion in the short-term.
Subsequently, ADA dropped below the $1.28 level which is a 23.6% retracement level. The next level of retracement at $1.17 was also tested as support- and momentum was still in favor of the bears as the Awesome Oscillator slid further below the zero line.
Bitcoin SV [BSV]
The Stochastic RSI was making a recovery from the oversold territory on the hourly chart. After a failed breakout of an ascending triangle pattern, BSV saw a drop to $173. The RSI showed a value of 34 at the time of writing, and there are some levels that BSV could retest as resistance.
The $181 and $185 are places where bears could step in with force- but in general Bitcoin SV can be expected to follow the trend of Bitcoin. And Bitcoin’s dip below $45,000 was not encouraging.
The OBV was in steady decline over the past few days to show that selling volume was greater than the buying volume. Even though DOGE formed a short-term range, the sellers were in the driving seat.
DOGE slipped below the $0.0485 mark and the Chaikin Money Flow continued to indicate that capital was flowing out of the market, reinforcing the idea of bearish strength. The next level of support lies at $0.0432 for DOGE. Trading volume has been low, and DOGE is susceptible to high volatility and rising volume should always be monitored if trading DOGE.
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