Cardano’s (ADA) On-chain Volume Declines: Are Bulls Wrong?
- Cardano (ADA) Price Decline: ADA price has dropped by 4% in the last 24 hours, standing at $0.4433, following a wider cryptocurrency market trend of daily losses.
- Market Factors Impacting Cardano: Market liquidations are influenced by macroeconomic factors, tighter SEC regulations, and industry-related issues, contributing to Cardano's decline.
- On-chain Factors Affecting Cardano: Reduced transaction volume and DeFi activities have hindered Cardano's momentum, with daily trading volume down by 0.50% to $275 million.
- DeFi Activities and Volumes: On-chain activities show a decline, with DeFi protocols experiencing a 22% weekly change, impacting platforms like Minswap and Indigo.
- Bullish Sentiments vs. Realities: Despite bullish projections for Cardano in 2021, including potential partnerships, on-chain volume declines raise questions about the sustainability of positive sentiments.
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Technical Analysis for BCH
Technical Sentiment Analysis for Bitcoin Cash (BCH) As of , Bitcoin Cash (BCH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BCH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BCH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin Cash (BCH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 311.28 | 367.14 | 442.38 | 498.24 | 573.48 | 629.34 | 704.58 |
| Fibonacci | 367.14 | 417.22 | 448.16 | 498.24 | 548.32 | 579.26 | 629.34 |
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