the Cryptocurrency remains bearish for more than a month. We have seen several attempts to improve the sentiment but they have all failed and now the pressure remains on the downside on the way to the weekend. Although certain cryptocurrencies like Ripple coin and Cardano have been bearish longer than the market and haven’t shown many attempts to turn up.
They continue to decline but are increasingly attracting asset values as these are well-established coins in this new industry and fundamentals are solid. So let’s see where the decline in these digital coins could end for us to buy them.
Ripple Daily Chart Analysis – The battle with the SEC weighs on XRP
The 20 SMA is pushing XRP down
The SEC lawsuit has been a heavy drag on Ripple coin, holding it bearish since September, while the rest of the market enjoyed strong upside momentum in October. The SEC commented that it never tagged its colleagues at XRP with the “non-securities” tag, as Ripple has pleaded in its defense. Neither has it Bitcoin given that day yet Ethereum.
This has resulted in several leading cryptocurrency exchanges dropping XRP due to the ongoing legal battle with the SEC. Bitbuy, the Canada-based crypto exchange, is the latest to do this. Though, Ripple is seeing a sharp surge in trading volume. Bithumb and Coinone, which are two major South Korean crypto exchanges, have whales from XRP– Seen owners doing large XRP transactions. Additionally, Santiment also points to strong social volume for XRP, which shows that investors are still active towards Ripple’s XRP. Perhaps people are buying XRP while it is sinking in the hopes that the battle with the SEC will end soon and XRP will rise higher. That’s what we’re waiting for, so we like the decline, the
Cardano Daily Chart Analysis – ADA slides towards $ 1
Cardano has entered the bearish zone
Just like Ripple, ADA cion has been bearish since September, despite the major Alonzo upgrade to the Cardano network this month. There were some minor issues with the update, but overall it went fine as a lot of smart contracts were created after the upgrade, but ADA / USD continues to drop.
After the failure of Mineswap, which faced scaling problems in September, the first decentralized exchange (DEX) was launched on Cardano. Sundaeswap is the first time that a project (DEX) uses Cardano Smart Contracts to exchange tokens. But the 20 SMA (gray) has turned into one on the daily chart resistance that pushes the price down. ADA/ USD is now facing support at USD 1.20 and I hope it breaks below that, which opens the way for USD 1 where we can start building on longs on this cryptocurrency.
ADA / USD
Source: Crypto News Deutsch