Market
Will the Cardano Coin Price Rally Continue?
ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `
Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.
Cardano Holders See Green
Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”
An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.
Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.
Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.
ADA Price Prediction: The Upward Trend Is Strong
On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.
If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.
On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.
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.
Bitcoin price is correcting gains below the $95,000 support. BTC traded close to the $90,000 level and is currently consolidating near $92,500.
- Bitcoin started a downside correction below the $95,000 zone.
- The price is trading below $94,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $93,500 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin price struggled to extend gains and started a downside correction below the $97,500 level. BTC dipped below the $96,000 and $95,000 levels. It even dipped below $92,000.
A low was formed at $90,736 and the price is now rising. There was a move above the $91,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.
Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $93,500 level. There is also a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $94,800 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.
A clear move above the $94,800 resistance might send the price higher. The next key resistance could be $95,750. A close above the $95,750 resistance might initiate more gains. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $93,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $91,800 level.
The first major support is near the $90,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 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 below the 50 level.
Major Support Levels – $91,800, followed by $90,500.
Major Resistance Levels – $93,500, and $94,750.
Dogecoin (DOGE) price hit its highest level since 2021 on November 23 but has since entered a correction, dropping 12% in the last 24 hours. The Ichimoku Cloud, DMI, and EMA indicators all point to growing bearish momentum, with DOGE trading below critical levels and showing signs of weakening upward pressure.
If the downtrend continues, DOGE could test support at $0.34, with a potential drop to $0.14 if selling pressure intensifies. However, a recovery could see DOGE challenge resistances at $0.43 and $0.48, potentially aiming for $0.50, a key milestone not reached since March 2021.
DOGE Ichimoku Cloud Shows The Sentiment Is Changing
The Ichimoku Cloud chart for DOGE shows a bearish outlook. The price is trading below both the Tenkan-Sen (blue line) and Kijun-Sen (orange line), indicating downward momentum. The price has also dropped below the cloud (Senkou Span A and B), suggesting a bearish trend has solidified.
The cloud itself, now turning thinner toward the right side of the chart, signals weakening support, increasing the likelihood of further downward pressure.
If DOGE fails to reclaim the cloud and hold above the Kijun-Sen, bearish momentum could accelerate, pushing the price lower. However, the flat base of the Kijun-Sen could act as a minor resistance, and a bounce back above the cloud would indicate a potential trend reversal.
For now, the Ichimoku Cloud suggests that Dogecoin price is in a critical phase, during which the bears will remain in control unless a strong recovery occurs.
Dogecoin’s Downtrend Could Get Stronger
Dogecoin DMI chart indicates an ADX of 22.84, with D+ at 13.5 and D- at 29.7, highlighting a potential shift in momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, regardless of direction.
Meanwhile, D+ represents bullish strength, and D- represents bearish strength. In this case, the higher D- compared to D+ confirms that bearish forces are currently dominating DOGE’s price action.
Although the ADX at 22.84 suggests that the downtrend is not yet strongly established, the widening gap between D- and D+ points to growing bearish momentum.
This setup indicates that DOGE is likely entering a downtrend, with selling pressure outweighing buying interest. If the ADX continues to rise above 25 while D- remains dominant, it could confirm a stronger bearish trend, leading to further price declines.
DOGE Price Prediction: Can DOGE Reach $0.50 In November?
Dogecoin EMA lines suggest a shift in market sentiment from bullish to bearish, with the current price trading below the short-term EMA lines.
Additionally, these short-term lines are trending downward, indicating growing selling pressure and a weakening upward momentum. This bearish development suggests that DOGE price is losing its previous bullish support, potentially paving the way for further price declines.
If the downtrend strengthens, Dogecoin price could test key support at $0.34. If this level fails to hold, the price might drop as low as $0.14, marking a significant 61% correction.
However, if DOGE price manages to reverse the trend and regain bullish momentum, it could challenge resistances at $0.43 and $0.48. Breaking through these levels would likely push DOGE toward $0.50, a price not seen since March 2021, signaling a strong recovery.
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.
Solana (SOL) price reached an all-time high of $264 on November 22 but has since entered a correction, dropping nearly 10% in the past 24 hours. Indicators like BBTrend and DMI show increasing bearish momentum.
The EMA lines, while still showing a bullish structure, hint at a potential death cross, which could intensify the correction if it forms. As SOL approaches key support levels, its ability to recover bullish momentum will determine whether it revisits resistance at $248 or faces further declines toward $194.
SOL BBTrend Is Negative for the First Time in 8 Days
Solana BBTrend has turned negative for the first time since November 18, currently sitting at -0.54. The BBTrend, or Bollinger Bands Trend, measures the momentum and direction of price movement relative to the Bollinger Bands, with positive values indicating upward trends and negative values suggesting downward trends.
This shift to negative territory signals increasing bearish momentum, marking a stark contrast from its recent peak of 10.8 on November 20, just before SOL reached a new all-time high.
Although -0.54 might not seem significant, it reflects a clear change in market sentiment, with SOL now down nearly 10% in the last 24 hours.
If the BBTrend continues to decline, it could amplify the bearish pressure, pushing SOL into a deeper downtrend. This would likely lead to further price corrections as sellers dominate and the market loses confidence in its short-term recovery potential.
Solana Downtrend Is Getting Stronger
SOL DMI chart shows its ADX rising to 27.24 from 21 yesterday, signaling a strengthening trend momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, whether bullish or bearish.
In Solana’s case, the rising ADX reflects increasing momentum in its current downtrend, suggesting that selling pressure is intensifying.
The DMI indicators further reinforce this bearish sentiment, with D+ at 12.7 and D- at 36.6. This large gap shows that bearish forces (D-) significantly outweigh bullish ones (D+).
An ADX above 25 and growing in a downtrend indicates that the negative momentum is solidifying. If this trend continues, Solana price could see further declines as the market tilts heavily in favor of sellers.
SOL Price Prediction: No New All-Time Highs For Now?
SOL EMA lines present a pivotal scenario, with the short-term lines still positioned above the long-term ones, indicating a lingering bullish setup.
However, the shortest-term EMA lines are trending downward and nearing a potential crossover with longer-term lines, signaling the possible formation of a death cross. This pattern often indicates a shift from bullish to bearish momentum, raising caution among traders.
If a death cross forms, SOL’s correction could intensify, leading the price to test its nearest support at $204. Should this level fail to hold, SOL price could decline further, targeting $194.
On the other hand, if Solana regains bullish momentum and reverses the trend, it could challenge resistance at $248. Breaking above this level could propel SOL price to surpass $264, achieving a new all-time high and reinforcing bullish sentiment in the market.
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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