Altcoins To Watch: EOS, NEO, ADA
Dump of February 15 has proved again that even on the online markets bulls get exhausted running such a long distance.
Dump of February 15 has proved again that even on the online markets bulls get exhausted running such a long distance.
There are three altcoins to watch this and next week, as I am expecting high volume injections during weekends, my top picks are ADA/USD, LINK/USD, ZIL/USD.
The cryptocurrency market has recovered after a Sunday-Monday crash this week. The recovery is associated with the developments in the US and the drop of the US Dollar overnight.
Since December 23 this year, Cardano was moving upwards with a high pace breaking out from resistances up ahead and here it is at this year’s high at $0.197110.
By the end of the week Cardano Foundation was streaming back to back important updates. Daedalus has now a better stake pool ranking mechanism and final changes into the 1.24.1 version of the cardano-node were implemented.
Cardano continues to head on towards Decentralized Finance, while the third era of the Foundation is expected to be released in March 2021, the team inside the network continue updating the Cardano ecosystem.
The bulls need to increase its momentum in order to break up the supply zone of $0.047 and this will expose Cardano to the supply zone of $0.055. Likewise, high pressure is required to break down the demand zone of $0.035 by the Bears.
The breakup of the supply zone of $0.047 by the bulls’ momentum will expose Cardano to the supply zone of $0.055 which may be its target. On the other hand, In case the bears defend the $0.047 price level, the coin will find its low at $0.035 – $0.028.
The breakdown of $0.035 demand zone by the Bears’ pressure will expose the demand zone of $0.028 and may be its target, while the breakup of $0.047 price level will make Cardano price find its high at the $0.055 price level.
The increase in the Bears’ pressure may lead to the breakdown of $0.037 demand zone and Cardano price may find its low at the $0.030 price level. Alternatively, if the price level of $0.037 holds the Bulls may take over the ADA market.