Cardano and ICON See Price Declines, As the Consensus Event Draws to a Close [Price Analysis]
Prices in the cryptocurrency market have been volatile as Consensus, the biggest cryptocurrency conference of the year, took place this week. The conference took place Monday and ended Wednesday this week.
Enormous price increases were observed across this timeframe with the price of market leader Bitcoin rising above $8000.
Volatile price movements have also characterized the past two days but in the opposite direction.
Market leader Bitcoin currently trades at $7300 and most major altcoins are losing value against the market leader.
Cardano Price Analysis
In USD price, Cardano (ADA) has recorded roughly a 15% decline from the open yesterday to the current price today.
Today’s drop brought the price of Cardano below $0.08, a former area of both buying and selling pressure.
This level acted as a strong area of support as recently as mid-April.
Since forming an intraday low around $0.073, the price of Cardano has since risen back up to the $0.08 level.
Selling pressure seems to be coming in at this point in a case of support turned resistance.
The price of Cardano has been losing its value against Bitcoin for a long time.
The price has been in a steep downtrend since the price formed a high of 1944 satoshis (sats) in early April.
The price has since depreciated over 53% to a recent low formed earlier this week 910 sats.
The price recorded some strong appreciation against BTC Tuesday and Wednesday this week, days when the altcoin market recorded a strong price performance.
The price managed to break its downtrend with the price performance on Tuesday and Wednesday but has since returned to declining.
Since starting to decline, Cardano has found buying pressure at the 1075 sats level, an area where buying pressure has previously come into play on the longer-term weekly level.
The price has already tested this level numerous times.
Each test makes the level weaker and increases the likelihood that the price will break below.
The 4-hour MACD and RSI have started decreasing, indicating that the momentum is starting to shift towards sellers.
ICON Price Analysis
ICON (ICX) has similarly recorded a depreciation over the past two days, which has brought the price to a former area of buying pressure.
The price dropped to $0.3416, a former area of both support and resistance and found buying pressure here.
it has since recovered to $0.36 but looks likely to retest $0.3416 with selling pressure currently high across the cryptocurrency market.
ICON has similarly been depreciating heavily against BTC since early April.
However, the price has been recording a better performance this week and has been less impacted by the declines over the past two days.
Today’s candle is forming a Dragonfly Doji reflecting the higher levels of selling pressure, but the candles have been not recording declines yet as is the case in Cardano.
However, declines look likely with both the MACD and RSI declining reflecting high levels of selling pressure.
A former area of buyer liquidity has been coming into play as an area of selling pressure for ICX.
The 527 sats level previously acted as an area of buying pressure after the price action of ICON fell below the 561 sats level in February.
The price has already tested met resistance at this level twice in recent price action.
The price is currently consolidating close to the 500 sats level.
- Cryptocurrency market experiences downturn as Consensus wraps up.
- After strong price performance recorded in altcoins on Tuesday and Wednesday, most altcoins have returned to declining over the past two days.
- ICON is holding its value better than other altcoins and is forming a Dragonfly Doji today, reflecting the higher levels of selling pressure in the market.
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