Cardano and ICON Decline Along With the Rest of the Crypto Market [Price Analysis]
Cardano Price Analysis
After failing to close above resistance at $0.0947 after a number of tests, the price of Cardano declined yesterday in line with decreases taking place across the market.
The price declined to former support at $0.08, where buying pressure was found several times in previous price action.
Price action is following up today with a Doji candle forming on the daily chart.
This reflects some uncertainty from traders regarding future price action.
Cardano has also underperformed Bitcoin for the past two days of price action.
Cardano was trending downward against Bitcoin from the start of April to the end of May but underwent some brief recoveries since then.
However, the market structure is more bearish with lower lows and lower highs forming.
The most recent rise met resistance at the 1075 satoshis (sats) level.
After meeting resistance at this level, the price has since dropped to find buying pressure at 983 sats.
After rising above the 1075 level but failing to close above on the daily, three consecutive losses were recorded on the 4-hour chart.
The price has since been consolidating after the drops were recorded, increasing the likelihood that the next significant move will also be a drop.
ICON Price Analysis
ICON has similarly been dropping after finding resistance at the $0.42 level.
The price tested this level numerous times but failed to close above on the daily chart.
The price has since started declining in line with decreases occurring in other major cryptocurrencies.
ICON outperformed Bitcoin during the market declines yesterday in early trading but met resistance close to the 527 sats level which acted as an area of buying pressure during drops in February.
The price has been underperforming Bitcoin today but only marginally indicating that ICON is currently being perceived more strongly by traders than Bitcoin.
During its decline against Bitcoin, the price briefly found support at the 469 sats level.
It has since dropped below this level but is trading more bullish in recent candles with an increase recorded in the last 4-hour candle.
The current candle is forming as a Doji indicating that traders are currently uncertain regarding future price prospects.
- Both ICON and Cardano have been losing value against Bitcoin in recent trading, but ICON has been holding its value more strongly against the market leader.
- ICON and Cardano also lost value in terms of their USD price in line with drops taking place across the wider cryptocurrency market
- Doji candles have been forming on the USD charts for ICON and Cardano indicating that traders are currently uncertain regarding future price prospects
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