- XRP has not seen a huge wave of on-chain sales.
- Cardano showed a downward trend on its one-day charts, which could lead to a price drop.
Cardano [ADA] The on-chain view is bullish with strong metrics like development activity You can also find out more about the following: active wallets. Ripple [XRP] Also showed accumulation throughout the network.
In the last two weeks, the sentiment on the cryptocurrency market has been muted. Strength of bulls has been curtailed. Bitcoin’s [BTC] pullback. Should investors buy at the bottom?
ADA Bulls will undergo further turmoil
The bearish 4-hour block of orders was briefly turned into support during the first two-thirds of March. The bulls were unable to hold.
Cardano’s 1-day chart shows that the current market structure is bullish.
The RSI, however was still below neutral 50 which indicated that a downward trend was developing. OBV was using the December highs to test support.
It would indicate that long-term the bias is bullish if it can hold.
The 61.8%-78.6% levels of retracement at $0.586-$0.523 are expected to be approached. For the past month, $0.567 has been a support and a lot of liquidity has built under it.
Liquidation heatmap revealed that $0.57-$0.574 were only minor areas of interest. There were more liquidation levels in the $0.52-$0.54 region.
This support zone was likely to be visited by Cardano prices if they continue to drop.
Confluence between the heatmap and price movement supported the notion that more losses were possible, but that recovery would be likely afterward.
XRP is accumulating but there are still losses to come
Since August 20, 2023, XRP’s price has been trapped in a certain range. This range extended between $0.46 and $0.7. The price tested support at $0.58 for the past three week.
Fibonacci’s levels indicated that it was possible to move up to $0.54.
A retracement of this magnitude would be a great opportunity to buy. The XRP price ranged between $0.527 and $0.552, which is a good demand area in case of a possible retest.
The OBV was unable to surpass the highs that were formed in July 2023. The range that XRP was stuck in for the past eight months also matched this.
The RSI shows that momentum has also been neutral in the past seven days.
As of the press release, XRP’s Weighted sentiment was a little negative. In the last month, it hasn’t been positive consistently for longer than one day.
Also, Open Interest (the number of contracts that are open) on XRP has been trending downwards along with the price for the last ten day, indicating a significant waning in bullish sentiment.
In spite of this, there has not been a large movement in XRP recently.
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A wave of sales pressure may not manifest as the holders wait to see if trends change instead of becoming panicked. It was also evident in the average coinage.
Even though the prices at $0.7 were facing tremendous resistance, March saw a trend upwards in terms of mean coinage. The network was showing accumulation.
Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment advice, trading or other type of financial guidance.
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Source: ambcrypto.com