Will the Altcoins Flip to Their Previous Positions?
The liquidation of dominant currency Bitcoin over the past few weeks resulted in the emendation of many other altcoins. BTC’s price is hovering between $47,000 and $51,000 in the past several weeks. Followed by this, popular altcoins like ADA and DOT also suffered from major corrections.
ADA and DOT have lost more than 10% momentum in the past 24 hours. The other altcoins like LTC, LINK, BCH, XEM have also succumbed over 5%.
ADA Price Analysis
ADA is currently in control of bears. Even after the bearish divergence, Cardano surged to $1.48 and listed the new all time high on 27 February. But failed to retest the position as the sellers continued to pull the prices down. Despite the fall ADA Price is still anticipated to hit the $1.8 mark.
ADA could bounce back to $1.35 if it consistently rallies hard to hit a resistance level at $1.25. If the prices fall, the major support levels are to be established at $1.02 and $0.95. The relative strength index currently heading downwards to 50 points which is strongly indicating the buy signal.
The MACD indicator is currently in a bearish crossover as the MACD line heads downwards to 0.10 which indicates the massive selling pressure.
At a press time, ADA price is $1.09 with a 25 hours trading volume of $747,4875,616. It is down by 9.14% with a market capitalization of $33,739,999,198. The current coinmarketcap rank is #5.
DOT Price Analysis
DOT price has been rebounded to the $35 mark after a crucial price fall to $12.52 over the past few weeks. The bulls played a major role in pushing the prices up in the last few days and currently, the bears are rallying to pull the prices below.
If the buyers establish control over the sellers, DOT could pump to a new high of $40 if it successfully manages to reach a resistance at $38. The major support levels are to be formed at $29 and $31. The relative strength index stands at 55.18 which is indicating the bearish cycle.
The MACD indicator is currently indicating the bearish crossover as the histograms are moving towards the negative mark and the MACD line is shifting downwards.
At a press time, DOT price is $33.22 with a 24 hour trading volume of $2,955,104,508. It has lost 10.18% momentum in the last 24 hours. The current market capitalization is $29,965,278,569 and the coinmarketcap rank is #6.