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Cardano's fell to the 20-day EMA ($0.66) today, but the bulls purchased this dip, which shows that
sentiment remains bullish. The buyers will now try to push the price above the $0.981 resistance.
If they succeed, the Cardano pair may resume its uptrend, with the next target
objective at $1.25 and then $1.50. Contrary to this assumption, if the price
turns down from the overhead resistance, the pair may consolidate in a large range
between $0.981 and $0.687 for a few days. This positive view will be negated if the bears
sink and sustain the price below the 20-day EMA. Such a move will suggest that supply exceeds
demand and will signal a possible change in trend.
Ripple price turned down from the
overhead resistance at $0.65 on Feb. 14 and plummeted to the breakout level
at $0.50. The retest was successful, as the altcoin bounced back sharply and has
formed a long tail on the day’s candlestick. If the bulls can push the price above $0.65,
the Ripple pair could rally to $0.7806. The bears are likely to defend
this level aggressively, but if the bulls can propel the price above
the resistance, the pair may rally to $1. On the other hand, if the price turns down
from $0.65 once again, the pair may fall to $0.50 and then remain range-bound between
these two levels for a few more days.
A break below the 20-day EMA ($0.47) will be the first
indication of a deeper correction to $0.3855. The Polkadot pair may now again move up to the
resistance line of the ascending channel. If the price breaks above the channel, the polkadot
pair could pick up momentum and rally to $41. However, if the bears defend the
resistance line of the channel, the pair may gradually continue to move up.
The trend will turn in favor of the bears if they can sink and sustain the price
below the support line of the channel. Subscribe to our channel and open
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