What’s Next For Cardano Price As It Auctions At $0.31?

The Cardano price continues to suffer a downtrend throughout the month of November. Over the last 24 hours, ADA registered a 0.6% depreciation. ADA’s next upcoming trading sessions remain crucial as the market is expected to move out of lateral trading.

Depending on how quickly it breaks through its current resistance. The bears continue to pull down the price level. Bears will continue to succeed if ADA doesn’t claim the $0.36 price.

A buying resurgence could help ADA move upwards, marking the start of bullish price action. Continued demand for the coin can also potentially form a rally. The overhead hurdle of $0.32 remains crucial for the altcoin. Today’s global cryptocurrency market cap is $879 billion, with a 0.0% change in the last 24 hours.

Cardano Price Analysis: One-Day Chart

Cardano was priced at $0.31 on the one-day chart | Source: ADAUSD on TradingView

ADA was exchanging hands at $0.31 at press time. Over the last 24 hours, Cardano’s price witnessed an increase in buying pressure. Immediate resistance for ADA is awaited at $0.32. After overtaking the aforementioned price mark and flipping it into a support floor, there are chances of ADA appreciating by 18%.

Moving above the $0.32 price mark will propel the asset price to $0.36 first and then to $0.38. On the flip side, if ADA cannot break past the $0.31 level, it will cause the coin to fall to $0.29. The amount of Cardano exchanged in the past session was in green, indicating that demand grew for the altcoin.

Technical Analysis

Cardano registered an uptick in buying strength on the one-day chart | Source: ADAUSD on TradingView

Since November 26, the coin has registered a slight growth in buyers. The Relative Strength Index shot slightly past the 40-mark, noting a slight increase in demand.

The buying strength, however, continues to be neutral. The price of the altcoin was below the 20-Simple Moving Average. This reading indicated that the selling pressure continues to dominate as sellers drive the market’s price momentum.

Cardano depicted downward movement on the one-day chart | Source: ADAUSD on TradingView

ADA has also witnessed mixed signals on the one-day chart. Per the buying strength, the Oscillator also started to depict positive price action. The green signal bars on AO were the buy signal for the coin.

On the other hand, the Parabolic SAR signaled that downward price movement. The dotted lines were above the price candlestick, indicating that the bears continue to drive the price action in the market. ADA must cross the $0.32 threshold for bullish forces to take over.

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Uniswap Price Struggles At $5.49, Will There Be A Run Up To $6?

After sustaining bullish price action for the past two days, the Uniswap price has registered a shift in its price movement. With a 0.9% loss in the last 24 hours, price sentiment has shifted toward the bears.

At press time, Uniswap has struggled to move past its rigid resistance mark of $4.50. There is a chance that investors could book profits if UNI moves past the aforementioned price level.

The coin has, however, struggled at its immediate resistance of $5.49. Uniswap has to flip the critical resistance into the support zone to move up to its next price ceiling of $6.

If Uniswap price does not sustain above $5.49, then the altcoin could lose the support floor at $4.99. That would invalidate the bullish momentum, bringing the coin down to the next level.

Uniswap Price Analysis: One-Day Chart

Uniswap was priced at $5.46 on the one-day chart | Source: UNIUSD on TradingView

UNI was trading at $5.46 at the time of writing. The coin had almost breached the $5.49 price level, but the coin met with a sell-off. If the cryptocurrency fails to trade above $5.49, it will lose momentum. Buyers have to take precedence if the bearish momentum has to be negated.

Overhead resistance stood at $5.70, and moving above that would help the altcoin climb to $6. In the event of a downward trend, UNI will remain at $4.70 for some time before moving further. The amount of UNI traded in the last session increased, signifying an increase in demand.

Technical Analysis

Uniswap registered an increase in buyers on the one-day chart | Source: UNIUSD on TradingView

Buyers have increased over the past trading sessions, although the indicators remain below the neutral zone. This is an indicator that the market has yet to register substantial demand. The Relative Strength Index was above the 40 mark, signifying that sellers were still active.

If the buyers take charge in the next trading session, UNI will turn bullish again. Regarding buying strength, UNI was below the 20-Simple Moving Average line, which meant that sellers were driving the price momentum in the market.

The De-Fi token has to flip $5.70 to a support line, so the bulls register a considerable upswing price.

Uniswap pictured sell signal on the one-day chart | Source: UNIUSD on TradingView

UNI has not yet broken free from the grip of the bears, as the coin indicated the presence of a sell signal on the one-day chart. The Moving Average Convergence Divergence displays price momentum and changes in trends. MACD was still forming red signal bars, which correspond with a sell signal.

The Directional Movement Index (DMI) was negative as the -DI (orange) line was above the +DI (blue) line, which pictured a bearish trend. The average Directional Index (red) ran above the 20-mark to signify strength in the bearish thesis. Should the bearish thesis be invalidated, a jump above $5.49 remains crucial.

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Bitcoin Price Recovery; Vital Levels To Keep An Eye On

Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.

Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.

Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.

Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin’s technical outlook confirms that it is trending upward on its chart.

The buying strength has, however, remained low despite an uptick on the one-day chart.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $16,500 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $16,500 at the time of writing. After Bitcoin broke past the $15,400 price level, the coin registered positive buying action. This has contributed to the coin’s price rising above the $16,000 mark. The crucial price zone remains at $16,500, and a move above it will be a point of bullish momentum for Bitcoin.

BTC’s overhead resistance was at $17,000, and a move above that could halt bulls at $17,600. BTC will reach a psychological level of $18,000 if it rises above $17,600. The amount of BTC traded in the previous session was green, indicating accumulation.

Technical Analysis

Bitcoin displayed uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView

The coin had recently visited the oversold zone in the middle of this month, and the move above the $15,400 mark had caused buyers to regain confidence in the asset.

At the time of writing, BTC registered demand on the one-day chart. The Relative Strength Index was moving above the 40-mark as demand for the coin returned to the market.

If demand remains consistent, a move above $17,000 would happen over the next trading session. Bitcoin can jump above the 20-Simple Moving Average if the coin crosses the $16,700 price mark.

At the moment, BTC was below the 20-SMA. This indicated that sellers were still driving the price momentum in the market.

Bitcoin formed buy signal on the one-day chart | Source: BTCUSD on TradingView

In correspondence to the buying strength, BTC also depicted the start of the buy signal for the coin. The Moving Average Convergence Divergence indicates price momentum and trend change.

MACD displayed green signal bars, which are tied to the buy signal for BTC. In anticipation of rangebound movement, the Bollinger Bands, which indicate price fluctuation, narrowed.

A rise in demand will help bulls gain strength and break past the current trading range.

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Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible

• DOGE’s price holds above $0.08 as the price gears for a rally to a possible high of $0.15.
• DOGE’s price remains strong as bulls reclaim $0.088 despite uncertainty in the market traders and investors remain cautious. 
• DOGE’s price bounces from a low of $0.07 on the daily timeframe as the price reclaims $0.088 as price trades above the 50 Exponential Moving Average (EMA)

In recent weeks, the price of Dogecoin (DOGE) has been a standout performer rallying with over 150% profit and creating more euphoria about how the bull run would be for many traders and investors. Despite the relief bounce and uncertainty surrounding the crypto market due to the FTX fiasco, the price of Dogecoin (DOGE) has continued to show immersed strength, holding nicely above the key support zone of $0.075. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance)

Dogecoin (DOGE) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Dogecoin (DOGE) has suffered more price loss, as the price dropped from a high of $0.73 to a weekly low of $0.055, leading to speculation of a further drop to $0.03 as price rallied to a high of $0.15 before facing a rejection.

DOGE’s price declined from a weekly high of $0.15 to a region of $0.073 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.

Weekly resistance for the price of DOGE – $0.95.

Weekly support for the price of DOGE – $0.08.

Price Analysis Of DOGE On The Daily (1D) Chart

Daily DOGE Price Chart | Source: DOGEUSDT On Tradingview.com

The price of LINK remains considerably strong in the daily timeframe as the price trades above $0.085 after DOGE saw its price decline from $0.15 to $0.073 recently. 

DOGE’s price needs to break and hold above $0.095 for the price to have a chance to rally high to a region of $0.15 and possibly $0.2 as the price looks good trading above the 50 and 200 EMA values of $0.085 and $0.083 respectively acting as minor support on the daily timeframe. 

 The price of DOGE needs to reclaim and trade above $0.1 for a short-term relief bounce. If the price of DOGE fails to flip the region of $0.1 and gets rejected below $0.07, we could see more rejections in DOGE price.

Daily resistance for the DOGE price – $0.095.

Daily support for the DOGE price – $0.08.

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Chainlink Extends Accumulation By 200 Days; Will Bulls Push For A Breakout?

• LINK’s price retraces to its 200 days range as the price aims for a breakout ahead of its staking scheduled in December 2022. 
• LINK’s price remains strong as bulls reclaim $6 despite uncertainty in the market traders and investors remain cautious. 
• LINK’s price bounces from a low of $5.5 on the daily timeframe as the price reclaims $6.5 as price trades below the 50 Exponential Moving Average (EMA)

The price of Chainlink (LINK) has had a tough time recently after a successful breakout from its accumulation zone. Still, the price was rejected after 190 days of range movement as the price has continued in this price action for an additional 10 days as Chainlink (LINK) staking draws ever closer. Despite the relief bounce from Chainlink (LINK), the price remains below the key region of interest, which would entice many buyers. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance)

Chainlink (LINK) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Chainlink (LINK) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Chainlink (LINK) has suffered more price loss, as the price dropped from a high of $45 to a weekly low of 5.5, leading to speculation of a further drop to $3. 

LINK’s price declined from a weekly region of $9.2 to a region of $5.5 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. The price of LINK has responded well, holding off sell-off and bouncing off from $5.5, rallying to a high of $6.8.

Weekly resistance for the price of LINK – $8.

Weekly support for the price of LINK – $5.5.

Price Analysis Of LINK On The Daily (1D) Chart

Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com

The price of LINK remains considerably strong in the daily timeframe as the price trades above $6.5 after LINK saw its price decline from $9.2 to $5.5 recently. 

LINK’s price needs to break and hold above $8 for the price to have a chance to rally high to a region of $10 and possibly $12 ahead of its anticipated staking coming up in December, as many trader and investor thinks the price of LINK should be worth more. 

Daily resistance for the LINK price – $7.5.

Daily support for the LINK price – $6.5.

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On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation

On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month.

Bitcoin UTXOs Aged 1 Week To 1 Month Have Risen Up In Recent Days

As pointed out by an analyst in a CryptoQuant post, UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash.

The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap.

The “realized cap” here refers to a type of BTC capitalization model in which the crypto’s cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, and then taking the sum for the entire supply.

This capitalization method is different from the usual market cap, where all the coins are simply multiplied with the current BTC price.

The “age bands” are groups that define the time period under which the UTXOs falling into it were last moved. For example, the “1m-3m” age band includes all UTXOs that haven’t shown any movement since between 1 and 3 months ago.

Now, the age band of relevance in the current discussion is the “1w-1m” group. Here is a chart that shows how the realized cap contribution of this Bitcoin band has changed during the past couple of years:

Looks like the value of the metric has been trending up recently | Source: CryptoQuant

As you can see in the above graph, the realized cap of the Bitcoin UTXOs falling into the 1w-1m band was in a decline during the bear market and had reached very low values by the time the FTX collapse rolled around.

Since the crash, however, the age band has been observing a rapid uptrend. This means that there have been a large number of coins purchased between 1 week and 1 month ago.

Based on this trend, it seems like some investors have been busy accumulating at the lows that have been seen after the crash, despite the wider market feeling uncertainty due to the FTX contagion possibly causing a cascade of bankruptcies of other platforms.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 15% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin To Plunge Further? Long-Term Holders Ramp Up Selling

On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto’s price.

Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day

As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October.

A “Coin Day” is the quantity that 1 BTC accumulates after staying still for 1 day in a single address. If a coin that has amassed some number of Coin Days finally moves to another wallet, its Coin Days counter resets, and the Coin Days are said to be “destroyed.”

The “Coin Days Destroyed” (CDD) metric keeps note of the total number of such Coin Days being destroyed throughout the network on any given day.

Another version of this indicator is the “exchange inflow CDD,” which measures only those Coin Days that were reset because of transactions to centralized exchanges.

Now, here is a chart that shows the trend in the Bitcoin exchange inflow CDD over the past month:

The value of the metric seems to have spiked up during the last day or so | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange inflow CDD has shown a sharp rise in its value recently.

There is a cohort in the BTC market called the “long-term holder” (LTH) group, which includes all investors who hold onto their coins for long periods without moving them.

Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows

Because of the dormancy of their coins, thes LTHs accumulate a large numbers of Coin Days. As such, whenever these holders do move their coins, the CDD usually spikes up due to the scale of Coin Days involved.

The current spike in the Bitcoin exchange inflow CDD thus suggests that some LTHs have deposited their coins to exchange wallets.

As the exchanges in question are spot platforms, it’s possible that this movement of coins was made for selling purposes.

From the graph, it’s apparent that both the previous big spikes in the indicator were followed by declines in the price of Bitcoin.

If the latest surge was also because of LTHs preparing to dump their coins, then the crypto is likely to observe bearish trend this time as well.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.4k, down 2% in the last week. Over the past month, the crypto has lost 15% in value.

Looks like the price of the coin has been back to moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Zdeněk Macháček on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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