The article provides technical analysis for 11 cryptocurrencies: Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin’s rival, Cardano (ADA) fell by about 1% on the last day of trading in December, and it had been falling for several days. This article will cover what was going through ADA holders’ minds during that time.
The price action on ADA has been following a well-established downtrend over the past few months. The downtrend started from its all-time high at $3.10 in September 2021. It fell to $0.80 by mid-November and then rose slightly, but the uptrend was short-lived as it fell to around $1.20 in late November.
Since then, the price of ADA has been trading within a descending triangle formation, which is a bearish pattern that suggests a further decline in price. The RSI (14) has also been trending downward and remained below 50, indicating a bearish momentum.
The article concludes by stating that if the price sustains below $1.20, it may slump to the 20-day EMA of around $0.90, which is likely to act as a strong support. On the other hand, if the price turns up and maintains above $1.20, it will signal buying at lower levels, and the bulls will try to push the price above $1.24 and eventually to $1.33.
The other cryptocurrencies analyzed in the article are also experiencing similar downtrends or corrections within their uptrends. The author of the article provides technical analysis for each of these cryptocurrencies, highlighting potential support and resistance levels, as well as indicators that suggest a bearish or bullish momentum.
Here is a summary of the technical analysis provided for each cryptocurrency:
- Cardano (ADA): Downtrend since September 2021, currently trading within a descending triangle formation.
- Chainlink (LINK): Correcting in an uptrend, short-term buyers booking profits, and potential support at $27.41.
- Shiba Inu (SHIB): Bulls failed to push price above 20-day EMA, attracting selling by bears, and potential support at $0.000025.
- Dogecoin (DOGE): Bears did not allow DOGE to remain above 20-day EMA, tempting short-term buyers to book profits, and potential support at $0.35.
- Avalanche (AVAX): Broken below 20-day EMA, indicating a lack of demand from bulls, and potential support at $39.52.
- Dogecoin (DOGE): Bears did not allow DOGE to remain above 20-day EMA, tempting short-term buyers to book profits, and potential support at $0.35.
- Cardano (ADA): Downtrend since September 2021, currently trading within a descending triangle formation.
- Chainlink (LINK): Correcting in an uptrend, short-term buyers booking profits, and potential support at $27.41.
Overall, the article suggests that most of these cryptocurrencies are experiencing downtrends or corrections within their uptrends, and the prices may continue to decline unless there is a significant change in market sentiment.
