Cardano rise to $ 0.285 after the decline and entered a consolidation phase in the past few days. Cosmos has formed a bullish triangle pattern, but if it fails to hold on to the $ 8 support in the coming days, there is a possibility of a drop of $ 7.15. There is strong bullish momentum as SushiSwap is targeting the $ 8.9 resistance level.



Cardano (ADA)

Some Fibonacci retracement levels were drawn to highlight the support and resistance areas, raising the decline to $ 0.232 and then to $ 0.397 in mid-January. The ADA was seen to form a range from $ 0.32 to $ 0.38, but the drop to $ 0.285 overridden the range.

Over the past few days, the ADA has traded flat at $ 0.34. Although the recovery from the decline to $ 0.285 was fast, it lost momentum around the $ 0.35 price range.

This highlights the lack of momentum as the RSI oscillates around its neutral 50 value. Losing the $ 0.35 level will see the ADA revisit $ 0.32 as support. The trading volume is also low and is indicating a consolidation period for ADA before its next move.


Cosmos (ATOM)

ATOM forms a descending triangle pattern that often sees an upward break. Direction confirmation becomes a high-volume transaction and closes a session outside of the model.

See Also
Cardano (ADA) declared 100% decentralization in block production

The $ 8 support level could lead to short term bearish pressure. It is likely that ATOM will visit $ 7.15 and the market will decide according to the direction of the next move.

As the content was getting ready for publication, the MACD was showing neutral momentum.


SushiSwap (SUSHI)

SUSHI had a strong bullish momentum as it climbed to $ 7.5. After exceeding this region with its high trade volume, it may retest as a demand zone in the coming days.

OBV was in an uptrend alongside the price to show that there is steady buying pressure behind the price increase. The next resistance level for SUSHI is $ 8.9.

Below $ 7.5, the $ 6 level could be a support price for SUSHI.

Previous articleThe giant company bought $ 150 million of Bitcoin – is the rally coming?
Next articleAnalyst: The 2021 altcoin season has just begun


Please enter your comment!
Please enter your name here