Cardano, EOS and Bitcoin (BTC): ADA Price Surges in the Wake of Huobi Listing
Cardano ADA Price Analysis
Cardano price is surging despite the bearish wave that has begun sweeping across the cryptocurrency market as though to cancel the gains that were made last week. ADA/USD is up 8.19% in the last 24 hours and in the wake of its listing on the largest cryptocurrency exchange, Huobi. The cryptocurrency exchange has listed over 200 digital assets and a listing generally increases asset’s trading volume. Cardano deposits began today although trading kicks off tomorrow.
Cardano price started the upside correction at $0.21, while the buyers changed their sentiments towards ADA. The price sharply ascended breaking above the 23.6% Fib retracement level with the previous swing high of $0.246 and a low $0.19. ADA/USD corrected higher and even traded above $0.24, however it faced resistance below $0.25 which opened the gate for a downside movement.
Cardano ADA price found a short-term support at $0.23, bounced towards the major resistance level at $0.24. At the moment Cardano is trading at $0.237, but there is a bearish momentum forming around this level. The short-term support for ADA/USD is at $0.23 while the stronger support rests at $0.21.
EOS Price analysis
EOS, on the other hand, has also flipped below the pivotal $8.00 level on Monday. EOS price was one of the biggest gainers in the cryptocurrency market last week recording over 40% increase in value. EOS/USD has however begun correcting lower in the wake of eosDAC airdrop that took place yesterday.
The cryptocurrency analysts say that the current drop is happening because the sellers are pushing for an equilibrium following the recent surge. There was a downside movement that was initiated above $8.5 level during the Asian trading hours. EOS/USD dropped below key support levels at $8.2, $8.1 and $8.0 respectively. The 23.6% Fib retracement level with the previous swing high of $8.6 and low of $7.8 failed to hold the price during the descent.
EOS price is currently exchanging hands below both the 200 SMA and the 100 SMA. The gap between these two moving averages is widening to signal that the sellers have the upper hand. The RSI is pointing downwards to confirm the present bearish momentum on the hourly chart. The buyers must gunner support and prevent declines below the current $7.95.
Bitcoin (BTC) Price Analysis
Bitcoin BTC price started the week’s trading with growing selling pressure as the bears sought for equilibrium after the recent historic spike from $6,800 to $7,800 in less than one hour. BTC/USD is down 3.77% in the last 24 hours on Monday. Bitcoin price made considerable upside corrections over the weekend trading sessions. There was an upside momentum that was initiated at $8,000 and BTC/USD broke past key resistance zones at $8,100 and $8,300 respectively. Bitcoin price even traded close to $8,400 but the bears intervened at $8,390 opening the door for declines.
Rising selling pressure resulted in sharp declines below 23.6% Fib retracement level with the previous swing high of $8,390 and a low of $7,620. BTC/USD found a short-term support at $8,100; however, it could not hold the price for long as the bears gained more influence. Bitcoin price is currently trading below the 50% Fibo ($8,000), although it has found an immediate support zone at $7,950.
On the upside, the bulls are battling to return the price above $8,000 level but the 60% Fib retracement level is a major hurdle to the price as it attempts to correct higher. At the same time, the 100 SMA is preventing gains to the upside as well. The 200 SMA is lagging behind while the gap between the SMAs is widening to signal that the path of least resistance is to the downside.