Bitcoin, Cardano, and ETH: Prepare for These Levels Next Week!

The cryptocurrency market has struggled intensely throughout the week following the Fed’s rate hike. Despite Friday’s sell-off, Bitcoin, Cardano and ETH have yet to let critical supports break. However, the Fed rate hike continues to cloud the macro picture.

Analysts say Bitcoin should hold this level until November

Bitcoin managed to hold above the post-FOMC weekly low of around $18,150. Thus, it is positioned in an ideal area to start next week. The volatility caused by the FOMC did not allow Bitcoin to retrace the key psychological resistance of $20,000. Since Wednesday, the price has settled lower, around $19,500. Interestingly, the price’s failure to retest weekly lows during Friday’s big risk sell-off potentially opens the door to some modest weekend gains.

Investors will likely watch the crypto markets over the weekend as they look for risk when major markets are closed. Given the situation, analyst Brendan Fagan says the bears could give the bears a try for around $18,300 on the holiday. Let’s point out that BTC is currently preventing this.

Ethereum (ETH) is one step behind PoS like Cardano and Solana

ETH is currently trading at $1,325. In the last 24 hours, buyers helped break outside the descending trendline. Sudden and strong resistance holds $1,400. The altcoin has struggled to break through this level over the past few weeks. Analyst byanushsamal expects a move to $1,700 if we break $1,400 in the coming days. However, if the bulls fail to do so and the bears reach $1,100, then $1,000 gold will open the way for Ethereum.

However, technical indicators point to a bearish outlook. The Relative Strength Index (RSI) is below the half line. This shows that there are fewer buyers than sellers. Ethereum price was below the 20-SMA line, which means low demand. This also meant that sellers were driving the price momentum in the market.

ETH’s other indicators also show that it’s up to the sellers. Demand needs to rise for Ethereum to touch the next level of resistance. The Moving Average Convergence Divergence (MACD) shows the price momentum and overall price action. MACD is currently bearish. It generated red histograms at the time of writing. This reading is tied to a sell signal for Ethereum. CMF was below the half-line, although there was an indicator increase. According to the analyst, this indicates lower capital inflows and, as a result, more sales potential.

Cardano completes Vasil upgrade

AmkNews.comAs you follow, Cardano, like Ethereum, completed its significant rise in September. ADA price is now moving sideways after the initial turn green. The altcoin has held between $0.50 and $0.44, respectively, over the past few weeks. The support zone for Cardano price is between $0.44 and $0.40, respectively. However, Bitcoin has shown signs of gaining value over the past 24 hours. If ADA’s purchasing power does not move into positive territory, the bulls could quickly lose their strength.

ADA was currently trading at $0.45. It broke one of the resistance levels in the last 24 hours. The immediate resistance level for Cardano is at $0.49. If the bulls manage to break above this level, it will mark the start of a more persistent positive trend. On the other hand, if buyers don’t come forward, Cardano price will drop below $0.43 and then $0.40.

The ADA is showing signs of recovery on the daily chart. Technical indicators pointed to the bulls taking control. At the time of this writing, the RSI was below the halfway line. This indicated that the buying pressure remained higher than the selling pressure. Cardano price was below the 20-SMA line, which meant less demand as sellers were driving the price momentum in the market. Under pressure from the buyers, ADA may break above the 20-SMA and 50-SMA lines, invalidating the bearish thesis.

ADA bulls still haven’t gained momentum on the one-day chart. The bulls will not be able to push the altcoin price above the $0.49 level unless the buyers outgrow the strength of the sellers. Also, the MACD has entered a downtrend and formed red histograms, which is a sell signal for ADA. The Directional Movement Index measures the overall price direction. DMI was negative because the -DI line was above the +DI line. The Average Directional Index was heading towards the 20 mark, a sign that the current price action is gaining momentum.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.