Cardano and ICON Bounce Today, But Still More Than 30% Down From Their 2019 Highs [Price Analysis]
Cardano Price Analysis
Cardano and ICON have failed to keep up with the recent performance of cryptocurrency market bellwether Bitcoin.
This week, Bitcoin has gone on to record new 2019 highs and moved above a key support level in 2018 at $6150.
However, the majority of altcoins including Cardano and ICON have failed to keep up with this performance and have significantly lagged Bitcoin in returns.
The seven-day BTC-returns for Cardano and ICON at the time of writing are negative 18.93% and negative 17.97% respectively.
Cardano has been forming a bullish divergence however between its price and RSI on the daily chart.
This is a trend reversal pattern that signals that the amount of selling pressure is not matching up to the price declines.
Cardano has been on a prolonged downward trend since the start of April.
The most recent 4-hour candle indicates some buying pressure was found close to $0.058.
This resulted in a rise which brought the price to the point of the former high.
However, price now trades close to the downward trendline which it has failed to overcome on many tests.
Any rises above this trendline have quickly found selling pressure which brought the price back below.
ICON Price Analysis
ICON has also been depreciating since highs formed in early April.
Similarly to Cardano, today’s price action is more bullish with ICON finding some buying pressure close to $0.29, a level which has formerly acted as both support and resistance.
Today’s increase in ICON has almost entirely reversed the losses of yesterday, and the candle is forming as a Marubozu candle.
A Marubozu candle is a candle with a long body and little or no wick and indicates strong movement in one direction.
The momentum has been on the side of the sellers in ICON with both the daily MACD and RSI declining.
Prior to dropping to $0.29, ICON briefly found some support at $0.32.
However, after a number of tests, the price dropped below.
Each test serves to weaken a support level with fewer buyers to hold the level on each test.
Despite the recent bullish performance in Cardano and ICON, a return to test the support levels below increases the odds that they will break below and continue their prolonged declines.
- Bullish divergence forms in Cardano after price declines since early April.
- The price of ICON has also been declining since early April, but the daily candle is forming a Marubozu candle today indicating strong buying.
- The momentum has been on the side of sellers in ICON with both the MACD and RSI declining. The next key support level to monitor for Icon is $0.29.
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Cardano and ICON Bounce Today, But Still More Than 30% Down From Their 2019 Highs [Price Analysis] was originally found on copy trading cryptocurrency | Tech, Privacy, Bitcoin & Blockchain | Blokt.