Bitcoin (BTC) continues to trade sideways and cannot overcome the resistance at $ 11,000 for the time being. Meanwhile, Cardano (ADA) can increase in value significantly and climb back under the top 10 altcoins.
After retesting the lower edge of the sideways channel at $ 10,200, Bitcoin can rise again towards $ 11,000 at the weekend, but fails as in the previous weekcontinue to have a sustained outbreak
The situation on the overall market can initially be described as directionless. Although some top 10 altcoins such as Cardano (ADA), Chainlink (LINK) and Bitcoin SV (BSV) can recover significantly this week, the majority of the top 100 altcoins show price drops on a weekly basis. The loser among the top 10 altcoins this week is the Binance Coin (BNB), which is down by almost two percent compared to the week. Altcoins in particular, which have been bullish in recent weeks, are currently suffering from increased profit-taking. The price movements in Bitcoin will now have a significant impact on the price direction on the overall market in the coming days.
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After a significant correction of around 50 percent since the all-time high was reached at the end of July 2020, Cardano can recover significantly this week. Starting from the weekly low at $ 0.075, the ADA price rose a good 20 percentage points back in the direction of the 65th Fibonacci retracement in the last few days of trading. This enabled Cardano to regain the resistance area from horizontal resistance and EMA200 (blue) at $ 0.089 and the supertrend at $ 0.097. Today, Monday, the price continues to rise directly above the EMA100 (yellow) at 0.102 US dollars and is currently trading at 0.106 US dollars.
If the bulls can break this chart mark on the daily closing price, a rise to the cross resistance at $ 0.115 is likely. If this resistance level is also broken up dynamically, a march through to the 78 Fibonacci retracement at 0.125 US dollars is to be planned. If there is a bullish breakout in the direction of $ 12,000 in Bitcoin, ADA should also continue to rise and target $ 0.135. In the future, a retest of the all-time high of 0.154 US dollars would also be conceivable in the event of positive development in the overall market. For now, the maximum price target can be seen in this area.
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This week’s bullish reversal has sidelined the bears for now. However, if the ADA rate does not make it back over the broken green upward trend line and rebounds significantly downwards at the latest in the area of 0.115 US dollars, another correction towards 0.090 US dollars is conceivable. If this support does not stop at the EMA200 area and the price continues to fall in the direction of the weekly low at $ 0.075, an extension of the correction in the room.
If the bear camp can push Cardano’s price below the 38 Fibonacci retracement at $ 0.070, consolidation to near $ 0.053 is likely. If the overall market continues to develop bearishly and ADA also gives up support at US $ 0.50, a price slide down to US $ 0.037 is also conceivable in the medium term. The red downtrend line and an important horizontal support from 2019 run in this zone. However, as long as Cardano can assert itself above the EMA200, the bullish scenario is preferable.