Cardano ADA price spiked on Huobi exchange listing adding to the bullish trend that returned to sooth the wounds have been suffered by the bulls in the market. After testing the bottom at $0.145, the support was vital for the price which bounced from the demand zone to clear the resistance at $0.15 as well as $0.170.
Cardano is currently ranked the 8th crypto in the market by market capitalization, besides its market cap stands at $4.3 billion. The digital asset’s trading volume in the previous 24 hours is $182 million at the time of writing. The listing on Huobi also spiked the trading volume which was about $99.7 million yesterday to approximately $182 million on Thursday. At the moment, the majority of Cardano trading takes place on Upbit exchange which controls roughly 40% of the total volume.
The upside movement was capped below $0.175 and which gave the sellers an entry. The bears sort for equilibrium after the sudden spike and Cardano ADA is trading at $0.16. The 100 SMA is limiting the gains while the bullish trendline is offering immediate support. ADA/USD will also be supported at $0.155 but the Wednesday lows ($0.145) will halt extended declines.
Bitcoin (BTC) Price Analysis
It has been a roller coaster for Bitcoin (BTC) this week after dropping from trading above $7,000 to testing the lows traded in February this year. However, a bullish trend resumed as the price hit the lows of $6,155 (demand zone). Bitcoin formed two bullish flag patterns; one during the Asian trading hours and another one in the European hours.
Bitcoin (BTC) is the largest cryptocurrency by market capitalization and currently takes up at least 40% of the all the trading volume. Another movement saw BTC/USD trade above $6,500 but lacked the momentum to recoil towards the upper supply zone at $6,600. Both the 50 SMA and the 100 SMA could not support the price which has tumbled below $6,400. The support area at $6,300 can hold the price to the close of the session today, but the buyers will face resistance at $6,400.
Ripple (XRP) Price Analysis
Ripple XRP tested the support at $0.50 before resuming an uptrend that encountered high selling pressure at the 50% Fib retracement level with the last swing high of $0.59 and a low of $0.504. XRP/USD is now trading below the support (former resistance) at $0.52. Moreover, the slide has pushed it below the short-term bullish trendline that was formed by the short-term uptrend.
Although both the 50 SMA and the longer term 200 SMA failed to support the price, they are signaling bullish movements in the short-term that could have Ripple above $0.54 (61.8% Fibo). On the other hand, the MACD is in the negative territory and pointing down which calls for continued downward corrections in the short-term.
The supply zone for Ripple XRP rests at $0.55, and trading beyond this level will allow the price to gather the momentum towards the key resistance level at $0.58, before approaching $0.60. On the flipside, the immediate support stands at $0.52 although the area marginally above $0.50 is a major support.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.