- Solana price retreats from the new ATH at $218 to seek support at $200.
- Cardano is on the verge of a breakout with its immediate support proved by the 100-day SMA.
The cryptocurrency market is flipping green and fast on Tuesday toward the end of the Asian session. Most crypto assets post single-digit gains after erasing the correction experienced on Monday.
Bitcoin is up 1.5% in the last 24 hours to exchange at $62,882, while Ethereum is trading 2.4% higher at $4,233. Binance Coin managed to hold above $480 on Monday, explaining the prevailing $486 and the potential to rise above $500.
Solana continues to be a leader among altcoins rallying in tandem with Bitcoin. Last week, the competitive smart contracts token lifted above $200, closed the gap to the all-time high of $215, and stretched further to $218. At writing, SOL has secured higher support and is trading at $207.
Meanwhile, SOL appears to be facing a growing overhead pressure likely to retest support at $200. The Moving Average Convergence Divergence (MACD) already has a sell signal, which, if confirmed, could to another pullback toward the demand area.
The growing bearish grip is emphasized by the Moving Average Convergence Divergence (MACD) based on the four-hour chart. As the RSI retreats, odds increase, favoring the correction.
SOL/USD Four-Hour Chart
Cardano, the fifth-largest cryptocurrency, boasts $70 billion of market share and $1.5 billion in trading volume accrued over the last 24 hours. The smart contract token is teetering at $2.18 at writing amid an aggressively growing bullish camp.
ADA has remained sluggish in nearly six weeks due to its potential upside vulnerability at $2.5. On the flip side, bulls have ensured that support around $2 is defended at all costs. With the price currently above a key trend line resistance, Cardano’s ability to close the day above the supply zone in red is higher.
ADA/USD Daily Chart
The odds seem to be up surging to favor the bulls, starting with the immediate support provided to ADA by the 100 SMA-day SMA. According to the MACD and the RSI, bulls gave the upper hand. On the upside, Cardano must close the day above the 50-day SMA to validate the uptrend, at least above $2.5.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.