Cardano (ADA) rose up to $ 0.95 on some exchanges during the day. It has followed a very high performance in recent months.
The daily rise was forced to retreat from $ 0.95 by selling pressure. While ADA was very close to testing its $ 0.98 ATH, its withdrawal is currently seeking support at $ 0.91.
For Cardano, recent news of the implementation of a new project seems to have triggered the rise of the asset. The asset started its rise early yesterday by catching a break in the $ 0.82 band.
The asset was forced to retreat after the ascent. Stochastic data is in the oversold zone and the MACD indicator appears to be in a bearish trend. CMF data has also passed the downward trend in demand intensity in hourly data.
The selling pressure for Cardano still appears at a high level in SAR data. We can say that these data show that the decline may continue for a while. The short term decline for the asset up to $ 0.81 could be a noticeable level in the Fib retracements.
One issue that can be optimistic for ADA is that the asset is attracting both network expansion and new ADA investors in recent developments. Cardano investors have increased by up to 600% in the last 4 months in research for the asset, and these demands have been effective in the rise of the asset.
With the asset network expansion, it can attract new investors more. A short retracement could attempt to rise again to the 0.98 local peak. If the asset fails to find support after the pullback at $ 0.79, the retracement could take up to $ 0.50.
Binance Coin (BNB)
Binance coin (BNB) continued to rise during the day, as we mentioned in the developments we shared yesterday. The asset, which gained rapid momentum, managed to reach up to $ 199.8 in some exchanges. BNB has gained close to 30% in the last 24 hours and is currently trading at close to $ 193.
BNB techniques offer an unstable impression. While RSI data is in the extreme zone at record highs, it has been replaced by some decline but is heading towards an upward trend. MACD data provides a low descending movement. High profitability created selling pressure and was effective in partial decline. However, the slope in the demands is pointing downwards.
The 4-hour data is showing signs of overbought for the RSI and the MACD data seems to be very positive. It is in the RSI 83 band. Chaikin flow data is also in the positive spot.
Hourly and 4-hour data increased the receive signals for SAR. However, the Stochastic RSI data is at the point of overbought at 85 basis points.
All of this data may drop a little further in the next 6 to 12 hour continuum, pushing the asset to a recovery at $ 184. However, attention should be paid to market data. The upward trend may continue to rise rather than withdraw with increasing demand. The asset returning at $ 200 could exceed $ 214 this time with a stronger momentum.
This instability in the short term offers a more positive impression in the long term. In the long run, bullish signals are much stronger and trend signals up to $ 248 will appear soon.