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Cardano saw a golden cross as its 4-hour 20 SMA moved above the 50-200 SMA while continuing the up-channel oscillation. On the other hand, Elrond and Neo saw solid ascending channel gains over the past two weeks but now formed a bearish divergence with its RSI as they braced for a near-term setback. The alt fell by 44.2% (from 18 January) and poked its nine-month low on 22 January. However, ADA saw a 32.2% recovery as it pierced through the $1.12, $1.2-mark. Since then, the half-line of the up-channel (white, dashed) has assumed strong support. It is vital to note that the 20 SMA (red) jumped above the 50/200 SMA on 9 February, affirming a bullish edge. Now, the immediate resistance stood near $1.2, followed by the upper trendline of the up-channel (white).
Other leading cryptocurrencies have also been relatively stable, with Ethereum (ETH), Binance Coin (BNB) and Cardano (ADA) all shifting by less than 1 per cent on Monday. This period of calm could soon be disrupted after reports emerged that BlackRock, the world’s largest asset manager, is planning to offer crypto trading to its clients.
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When bitcoin’s price fell by half between November and January, several leading market commentators warned that it could be the beginning of a so-called crypto winter. The latest bounce back means such fears are yet to be realised, with billionaire crypto entrepreneur Sam Bankman-Fried now suggesting it may be a “crypt autumn”. Speaking to Business Insider, the boss of the FTX exchange said there had definitely been a slowdown but there remained plenty of momentum and excitement in the space.
At press time, ADA traded at $1.176. Over the past two days, it saw a substantial decrease in buying pressure as the RSI drifted from the overbought region toward the half-line. But the bulls seemed to uphold the midline support. Any close below this level would propel a fall toward the $1.12-level.
And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom.– BILLI REUSS
Various technical indicators are suggesting that bitcoin could be set for a big move, according to some crypto market analysts. Crypto investor and author Glen Goodman has spotted a head and shoulders pattern for both bitcoin and Ethereum (ETH), which could be followed by a big jump. He includes “the small matter of Ukraine” as a caveat, which could play havoc on traditional markets and subsequently crypto if war with Russia breaks out.