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04/17/2024

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Solana & Cardano Appear Bearish Ahead of Bitcoin Halving, What if They Drop Below Their ‘Key-Resistance’?

As Bitcoin price consolidates the altcoins are feared to undergo a bearish pullback as the tokens within the top 10 tend to follow the trend. Popular tokens like Solana & Cardano are failing to display any diverse action which is believed to end up in a massive breakout soon

Solana & Cardano Appear Bearish Ahead of Bitcoin Halving, What if They Drop Below Their ‘Key-Resistance’?
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Solana (SOL) Price Analysis

After undergoing a massive bearish trend, the Solana price is now resting on the critical support level. The bulls are utilising all their energy to prevent a breakdown from the levels but a small weakness may eventually end up in a blunder. The selling volume has increased to a large extent, which may prevent bearish dominance in the coming days. As a result, the SOL price is believed to hit levels below $120 soon. 

The Ichimoku cloud is not flashing any clear signals as both levels have converged. The cloud is popularly known to display support & resistance, along with momentum & trend. The traders who want to make quick decisions may help them perform better trade. Moreover, the volume is not in a bullish direction, which suggests a bearish pullback could be fast approaching. Hence, a giant drop below $120 appears imminent. 

Cardano (ADA) Price Analysis

The ADA price has displayed enough strength in the recent past as the token traded within an ascending triangle for more than 6 months. However, the upgraded market dynamics compelled the price to slice down the pattern, inviting extreme bearish pressure over the token. Now that the price is trying to prevent excess drain, the bears appear to have planned a diverse trend. 

The recent pullback caused the token to test the lower crucial support for a while below $0.4, which was followed by a giant rebound. However, the fractals continue to remain within the bullish range. The DMI appears bullish but from a larger perspective, it is flashing bearish signals. Although, ADX is rising, the +Di & -Di levels are about to undergo a bearish crossover. Hence, this suggests the ADA price is heading to re-test the yearly lows at $0.38, which could attract fine liquidity onto the platform.

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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