Someone very wise once said that the only way you can get to somewhere better is by admitting to yourself where you really are. For many HODLers of large market cap alt coins, this is a bitter pill to swallow right now.
But, as we take a close look at the charts for XRP and Cardano (ADA), it’s important to keep in mind that the long-term picture may have changed very little over the past 10 days. So, our essential mission is still the same: find the levels.
- High: $0.30905
- Low: $0.29528
- 24-Hour Volume: $188.06M
- 7-day Percent Change: -30.37%
Last week, we made the case that the selloff for XRP would likely undercut the $0.30 level, but that this may be the area where we finally saw substantial support come into play.
Frankly, if XRP can’t hold this $0.29-$0.30 area, then one can’t discount the possibility of completing the round-trip, which would imply a possible test of the $0.20 level.
However, we have to look at the action from the standpoint that this current zone may, in fact, represent key support where XRP is able to stabilize.
The hourly MACD chart is showing a bullish divergence in terms of oscillator readings versus price readings over the past 72 hours. That is not insignificant in the grand scheme of how the puzzle pieces of this chart fit together right now.
A break back above the $0.32 level could be a significant tell.
- High: $0.114
- Low: $0.11072
- 24-Hour Volume: $37.46M
- 7-day Percent Change: -14.54%
Whereas the chart for XRP looks like a picture of pain over the past week, the chart for Cardano (ADA) is a much milder version of the recipe.
In fact, Cardano (ADA) has barely made a lower low relative to its late June pivot support. And major oscillators are already showing severely oversold readings despite a much more subdued downward trend during the past few days.
Interestingly, we have made a lower low relative to the June lows, which also adds up to a lower low relative to the lows that we saw during March of this year. In other words, we have a very shallow downward trend of a sort in play. However, relative to many other large market cap coins, this is, in fact, a show of relative strength.
In this case, a break back above the $0.12 level could be a significant bullish indication for Cardano (ADA).
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
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