According to crypto analyst Filip L, Cardano (ADA) sees traders pull out their erasers as it pulls back. The analyst says that the $1,400 dreams of the leading altcoin Ethereum (ETH) are shattered. Also, according to the analyst, ApeCoin (APE) finds itself under dark clouds as the relief rally stalls. We have compiled the analyst’s analysis of ADA, ETH and APE for our readers.
“ADA risks falling below $0.40”
Markets and a few assets began to forget that they were in a bear market. So the Cardano price action has been trading with some hope for the past few days. But that feeling didn’t last long with the dollar’s gains this morning. Thus, the ascent began. Bears love the opportunities and levels they present to enter and ground the price action.
The altcoin will reduce this week’s rally and flirt with $0.416. It’s Monday and it’s the lowest in three months. If this level is broken, the chances of a drop to $0.388 will increase. This will likely be it, as it has not had any historical supporting interest. Following this, the May low will likely break during testing. So, the price will hit a new low for 2022.
Alternatively, given that Tuesday’s price action saw a breakout higher, markets are getting used to the current tail risks. Also, most of them are priced in for now. Therefore, it is likely that the bears have lost their appetite to drag the market down. Therefore, $0.461 and $0.470 remain on the cards as potential upside limits. The first is the monthly pivot and the second is the 55-Day Simple Moving Average.
“Leading altcoin bids farewell to $1,400, opens door to $1,200”
Markets tumbled in sentiment and risky assets saw sales. That’s why Ethereum took a step back this morning, already with -1% on the bid board. cryptocoin.comAs you follow, the shift in sentiment is due to geopolitical tensions in Asia originating from North Korea. With the emergence of this new tail risk, markets are worried that the US is poking the Chinese bear a little too much.
ETH is down 1% for now because of this. It also looks set to drop to $1,300. From there, it’s possible to reach $1,243. It’s not that far to challenge this level as the bears rush to knock him down. This is because Ethereum bulls are unable to make new highs for the week. This could also indicate a false bounce support at $1,243. If this level is broken, $1,100 comes into play with monthly S1 support level as nearby support to support price action.
On the other hand, unless a major positive catalyst kicks in, it’s quite normal for the markets to take a small step back as the three-day winning streak is pretty exceptional. If so, and more bullish catalysts come into play, expect it to be a full take-profit phase and a small retracement before moving further in price action. If so, a rally is likely to happen. In that case, it is likely to gain momentum again towards $1,400 by Friday.
“Dark clouds gather over APE aid rally”
ApeCoin is on the verge of ending its two-day charity rally. On Monday, the bulls stormed out of the gates. Thus, it bought several assets at low prices inside or near a key support level. Markets are also tense due to tensions in Asia. So it looks like this trade is coming to an end now. For ApeCoin, this likely means that price action is negatively impacted. In such a scenario, a drop to $5 is possible by the end of this week with a possible break towards $4.27 where the monthly S1 support level and September lows kick in.
Alternatively, a more optimistic forecast is that it’s just a short profit-taking period. In such a scenario, a return to $5.34 is possible as the 55-day Simple Moving Average is challenged. An upside break would see the price target rise to $5.80.
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