- Cardano holds at $2.1 after losing steam during the most recent approach to $2.5.
- Solana may drop to $120 if the confluence support created by the 100 SMA and the 50% Fibonacci level shatters.
Bitcoin gained more ground on Monday to trade briefly above $57,000. The bellwether cryptocurrency aims at lifting to the all-time high of $64,000 in the coming days for weeks. However, bulls must be diligent enough to deal with the growing selling pressure by establishing robust support above $56,000.
On the other hand, Shiba Inu continues to ascend to recovery following last week’s pump and dump that had seen the price rise to $0.000035 and later drop to $0.00002. At the time of writing, SHIB is the only crypto asset posting double-digit gains of 12% amid the aggressiveness of the ShibArmy on Twitter.
Cardano has not been able to gain traction amid the ongoing bullish wave like its peers. The smart contracts token failed to break above the minor hurdle at $2.4, leaving the following barrier at $2.5 untested.
The descending trend line also contributed to the overhead pressure, resulting in losses to $2.1. At the time of writing, ADA is teetering at $2.11 as bulls battle to keep the price afloat and avert declines to $2.
Note that sellers have the upper hand bolstered by bearish signals from the MACD and the RSI. As the former crossed below the mean line, the odds will favor the bears. Moreover, the RSI shows that bears are getting more aggressive and may succeed in pushing Cardano to $2.
On the downside, the demand zone around the 200 SMA will support bulls seeking refuge if overhead pressure were to explode.
ADA/USD 12-Hour Chart
Solana’s recovery from $115 (September lows) has not been with a fair share of struggles. Nonetheless, the competitive smart contracts token made it to $180 before the ongoing correction started.
Higher support areas have not been easy to find, with bulls forced to give in to the expanding overhead pressure.
Meanwhile, Solana trades around $144.5 at writing while supported by a confluence created by the 100 SMA and the 50% Fibonacci level. If this buyer congestion gives in, SOL might drop to $120, where it will become more attractive to investors.
SOL/USD 12-Hour Chart
Realize that all the intraday technical indicators on the 12-hour chart are bearish. In other words, the slightest resistance path is downward and might remain unchanged in the short term.