Even though market leaders ETH and BTC were trading at record levels, altcoins like ADA and ALGO seemed to disregard bullish cues and flashed red signals at press time. At the time of writing, Bitcoin was on the verge of reaching the $50k mark and noted a market cap of over $922 billion.
On the other hand, the indicators were mixed on TRX and a move in either direction was possible in the coming sessions.
Source: ADA/USD, TradingView
Bulls ceded the $0.9 resistance to the sellers as Cardano slipped below its 20-SMA (blue) at the time of writing. A sell-off at this price level could lead to a fall below the 50-SMA (yellow), which would mark the onset of a downtrend in the short-medium term. Furthermore, the indicators backed a bearish prediction as momentum seemed strong on the bearish side.
The Awesome Oscillator’s red bars and the MACD’s histogram noted rising bearishness in the ADA market as the price headed towards the $0.77 support level. The only cause of optimism stemmed from a healthy number of buyers in the market which could counter some of the selling pressure.