ADA gradually edges closer to its third consecutive week of losses. It started the downtrend on the week opening Jan. 20 and has since failed to rebound.
The social media is silent on Cardano’s price level as the selloffs continue. Its current trend mirrors that of several other cryptocurrencies. SUI lost the $3 support on Friday and grapples with significant selling pressure at the time of writing. A look at the one-week chart shows that it’s been on the decline since the second week of January.
The global cryptocurrency market cap is down by over 10% in the last seven days. It started the week at $3.50 trillion but saw massive declines as fundamentals became very bearish. Its currently worth $3.20 trillion.
News of the start of the trade war saw the market register significant losses at the of the week. Further retaliations worsened the situation. The latest dip was in reaction to POTUS’s escalation of the war to other countries.
Most cryptocurrencies are down following the week’s events. Let’s examine their performance during this period.
ADA/USD
Cardano is on the verge of testing another critical mark. It briefly lost the $0.70 mark during the previous intraday session. It is printing a red candle as it grapples with significant selling pressure around the highlighted mark. Currently down by over 13% on the weekly scale, Monday’s recovery is gradually fading.
ADA dipped from $0.80 on the first day of the week to $0.50 before rebounding. It shot as buying pressure returned to the market. The altcoin closed at its opening price with no significant change in value. However, subsequent action saw the asset gradually lose its reclaimed levels.
The Bollinger band shows the asset trading close to the lower band. It started the trend last Sunday and has since failed to register any significant improvement in price. As a result of the selling pressure, the relative strength index is declining. It is at 26 at the time of writing, indicating that the ADA is oversold and due for rebound.
The moving average convergence divergence is seeing the same trend. The 12-day EMA and 26-day EMA are declining after a negative interception a few weeks ago.
TRX/USD
Tron was in the news a few days ago as interaction in its ecosystem increased. Its revenues increased, surpassing that of Ethereum. However, the interaction failed to give it an edge against the prevalent bearish sentiment across the market on Monday.
Like ADA, it registered massive declines at the start of the week. It opened at $0.225 but dipped and tested the $0.20 support. It rebounded and closed 2% higher than it started trading. It retraced again on Tuesday but quickly reclaimed lost levels. Nonetheless, it closed to losses of almost 2%.
It registered gains of almost 4% on Thursday as the community reacted to the news of its surpassing Ethereum. However, it has since struggled to continue the uptrend as it printed a doji the previous day and prints another during the current session.
RSI remains relatively stable in response to the trend over the last 48 hours. It rose from 49 and it at 45. Nonetheless, the average directional index shows the bulls are gradually pushing for further increases.
LINK/USD
Chainlink holds a key level at the time of writing. Its prints a doji as it struggles to keep prices above $18. It previously lost the mark but reclaimed as it met buyback. It had a similar low during the previous day as it printed a doji. The altcoin surged to a high of $20 but retraced to close at its opening price.
Nonetheless, its latest price action sees it edge closer to Monday’s low. It slipped from $20 to $16 before rebounding. LINK shot up and briefly broke the $22 barrier. Its most recent price action shows that he bears are exhausted as price remains relatively stable.
The average directional index is rising as selling sentiment remains strong. The relative strength index edges closer to 30.
AVAX/USD
Avalanche is down by almost 11% on the weekly scale. It shows signs of recovery as it prints a green doji. It displayed a similar candle during the previous intraday session as it retraced from $24.5 to its opening price.
Indicators like the average directional index and RSI are yet to react to the slight improvement. The ADX maintains strong uphll movement as the prevalent price trend remains strong. RSI is at 27, indicating that AVAX is oversold.
XLM/USD
Stellar Lumen prints a green candle, marking its second day of notable buying pressure. It surged from $0.31 to a high of $0.34 on Friday but retraced and closed at $0.32. It gained almost 3% and continues the trend at the time of writing.
It reclaimed $0.30 but grapples with less buying volume as the uptrend losses momentum. However, the two-day uptick sees some indicators alter their trajectory. RSI was at 32 a few days ago. It is currently at 36 as trading conditions improve.
MACD is slightly printing buy signals. The 12-day EMA halted its decline for the first time in weeks. The Bollinger band shows that asset bounced off the lower band a few days ago. This may be the trigger for further price increases.
TON/USD
Toncoin printed a doji over the last four days. Although it saw notable volatility, it failed to hold on to the gains as it retraced to its opening price.
Bollinger band shows the asset trading close to the lower band. It started the trend last Saturday and has since failed to register any significant price improvement. As a result of the selling pressure, the relative strength index is declining. It is at 26 at the time of writing, indicating that the ADA is oversold and due for rebound.
The moving average convergence divergence is seeing the same trend. The 12-day EMA and 26-day EMA are declining after a negative interception a few weeks ago.
