Cardano’s (ADA) bullish momentum is losing steam as bearish pressure mounts, forcing the price to retreat from the critical $0.8119 level. After a promising attempt to push higher, ADA bulls are now struggling to maintain control, with sellers stepping in to reclaim dominance. 

The recent rejection of this key resistance suggests that downward pressure is building, raising concerns about whether the altcoin can hold its ground or slip further. With technical indicators hinting at growing weakness, the focus now is on the next support zones to determine if a deeper correction is on the horizon.

Market Sentiment Shifts: Bulls Losing Their Grip

Cardano’s market sentiment has shifted as bulls appear to be losing their grip on price action, with ADA continuing to trade below the 100-day Simple Moving Average (SMA). This key level has become a barrier that the bulls have yet to break through, indicating weakening buying pressure and increasing dominance from the bears. 

The failure to reclaim the 100-SMA suggests that the bullish momentum, which initially gained traction, is losing steam, and the market is starting to lean toward a bearish outlook.

Further compounding the bearish outlook is the recent movement of the Relative Strength Index (RSI), which has started to drop again before reaching the 50% threshold. Typically, this reflects that buying pressure is fading, and selling momentum is building, adding more weight to the argument that the bulls are losing control.

With the price struggling below the 100-SMA and the RSI reflecting weakening momentum, the outlook for ADA remains uncertain. Unless bulls can regain traction and break above the 100-SMA, the asset might face further declines, as bears continue to dominate the market. 

Key Support Zones In Focus As ADA Faces Bearish Pressure

After ADA’s recent struggle at the $0.8119 resistance level, the focus is shifting to crucial support zones that will be vital in determining its next move. As bearish pressure mounts and the price remains under the 100-day SMA, ADA’s ability to hold key support levels is under scrutiny.

The immediate support zone to watch is $0.6822, which has previously acted as a critical level for ADA. If the price tests and holds this zone, it could serve as a launching pad for another attempt at the upside.

However, if ADA fails to hold $0.6822, attention will turn to the next major support at $0.5229, where a more significant bounce may occur once buying pressure resurfaces. Should these support levels be breached, ADA may face a more extended period of downward movement, with $0.55 emerging as the next line of defense.

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Artificial Superintelligence Alliance (FET) has recently experienced a sharp 34% price decline, marking its largest drop in months. This crash validated a three-month-old pattern, which predicted such a correction.

While investors are suffering historic losses, whales seem to be capitalizing on the lower prices, indicating potential confidence in a future recovery.

Artificial Superintelligence Alliance Investors Are Spooked

Realized losses for FET holders have reached their highest levels in the altcoin’s history. This is a result of many investors selling off their holdings earlier this week to prevent further losses. As a result, the general market sentiment remains highly bearish.

Many retail investors are hesitant to make moves, reflecting the pessimistic outlook within the market.

This sell-off has led to heightened caution among the investor base, with traders refraining from significant action in the face of market volatility. The fear of additional losses is currently overpowering the desire to accumulate, causing many to stay on the sidelines.

Despite the widespread losses, whale activity has been notably bullish. Addresses holding between 1 million and 100 million FET have added approximately 92 million FET to their holdings over the past week, valued at $70.8 million. This accumulation at lower price levels signals that whales are positioning themselves for a potential recovery, showing confidence in FET’s long-term potential.

This whale accumulation is a key sign of optimism despite the current market downturn. Whales are often viewed as the more experienced market participants, and their ability to buy during periods of significant price decline may indicate their belief in an eventual recovery. 

FET Price Prediction: Bouncing Off The Support

FET’s price broke through the key support level of $1.19, falling to $0.77 at the time of writing. This decline confirms the validity of the head and shoulder pattern, which predicted a 43.6% drop to $0.73. The market seems to be experiencing a sharp correction, as expected, leading to this significant pullback.

Currently, FET is holding above the support of $0.76, suggesting it may have reached its market bottom. If this support is sufficient, the altcoin will have a chance to recover its recent losses. However, for a successful recovery, FET must flip $1.04 into support, signaling the end of the correction phase.

On the other hand, if FET loses the $0.76 support level, it could fall further. The next potential target is $0.73, and a drop below this level could see the price approaching $0.64, which would invalidate the bullish outlook and lead to further losses.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Bitcoin price started a fresh upward move above the $98,000 zone. BTC is trimming losses but might struggle to settle above the $103,000 zone.

• Bitcoin started a fresh upward move above the $100,000 level.
• The price is trading above $99,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $100,000 zone.

Bitcoin Price Reclaims $100,000

Bitcoin price started another decline below the $95,000 zone. BTC gained bearish momentum for a move below the $93,500 and $92,000 levels. It even dived below $91,000.

A low was formed at $90,944 and the price recently started a decent recovery wave. There was a move above the $95,500 level. The price cleared the 50% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low.

Moreover, there was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level or the 76.4% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low. The next key resistance could be $103,200.

A close above the $103,200 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $103,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $98,000 zone. Any more losses might send the price toward the $96,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $100,500, followed by $100,000.

Major Resistance Levels – $102,000 and $103,200.

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