Logo
Cardano Ecosystem

Crypto Breaking

10/13/2023

·

108 views


Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins | Crypto Breaking News

Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential...

Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins | Crypto Breaking News

Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential issues in the short term.

As of this writing, Cardano (ADA) trades at $0.23 with sideways movement in the past day. Solana and Ethereum recorded similar price action over this period, but these assets have been slowly bleeding into support on the weekly chart.

Cardano price ADA ADAUSDT
ADA’s price trends to the downside on the daily chart. Source: ADAUSDT on Tradingview

Cardano, Solana, And Altcoins Could Get Hit

Data shared by the Co-Founders of crypto analysis firm Glassnode via social media platform X indicates a rise in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it found some support yesterday and could be poised to regain previously lost territory.

The metric measures the percentage of the total crypto market capitalization comprised of Bitcoin. In addition, whenever BTC.D reaches a certain point, it often leads to mini altcoin bull or bear markets.

The metric could hint at further losses for Cardano, Solana, and other tokens in the current scenario. The Glassnode Co-Founders stated:

It’s not just ETH feeling the heat; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep in the red. With Bitcoin’s dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a significant recovery will be essential.

As seen in the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a “Bitcoin Season,” as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses in the short time frame.

Cardano ADA ADAUSDT Solana SOL SOL SOLUSDT
BTC.D is entering strong levels, but there is a potential for a reversal, which could benefit altcoins. Source: Glassnode via X

However, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory in the past.

In particular, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a substantial rally in July. If Bitcoin can’t produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits.

Ethereum could potentially hold the key to propel altcoins into a hot season. On this cryptocurrency’s price action, the Glassnode co-founder stated:

From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in just two weeks, landing it at $1,574. While the price seems to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they might (…).

Cover image from Unsplash, chart from Tradingview

Source: NewsBTC.com

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Crypto Breaking

ORIGINAL SOURCE

https://www.cryptobreaking.com/cardano-s...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Crypto Breaking

See more
Cardano Breaks Past 200MA, Analyst ‘Insanely’ Bullish on ADA
Crypto Breaking
Cardano Breaks Past 200MA, Analyst ‘Insanely’ Bullish on ADA

last Wednesday at 8:50 AM

·

29 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)