Will Bitcoin’s Price Increase Spur Buying in Cardano & ICON? [Price Analysis]
Bitcoin Price Analysis:
Market leader Bitcoin moved to new 2019 highs today.
With many top altcoins outperforming Bitcoin during the increases recorded so far in 2019, many are still a significant margin from their highs with many resistance levels between the highs formed and their current price.
However, the increases being recorded in Bitcoin today may very well spur buyers back into the altcoin markets to overcome these resistance levels and move back towards the highs recorded earlier in 2019.
Cardano Price Analysis:
Cardano moved above a key level at $0.07 during today’s price action but quickly found selling pressure to bring the price back below.
After declining back below the level, the daily candle for today’s price action is forming a Doji reflecting uncertainty from traders.
While the increases in Bitcoin today are a positive development for the market, longer-term momentum has been on the side of sellers since early April with both the daily RSI and MACD declining to reflect this.
The price has already tested the $0.07 level numerous times today.
With short-term momentum shifting towards buyers, the price looks likely to retest the level and break above.
The next key level to monitor in the event that the price breaks above are $0.08 which was an important support level in mid-April.
If the price drops from here, the next support level to monitor is $0.063.
ICON Price Analysis:
South Korean launched cryptocurrency ICX dropped below a key support level at $0.34 this week but has since risen back up to test the level as resistance.
Similarly to ADA, momentum has been on the side of sellers since early April with the RSI and MACD declining.
Price action has already tested the $0.34 level numerous times since dropping below.
Numerous tests of a level serve to weaken the level with each test resulting in fewer sellers to hold the level.
With short-term momentum starting to shift towards buyers in ICX, it looks likely that the price will rise above the level.
- Market leader Bitcoin increases today to test 2019 highs.
- Major altcoins are still far below 2019 highs after outperforming Bitcoin during price increases but declining since early April.
- Both ADA and ICX are testing key resistance levels with each retest serving to weaken the level.
- Although longer-term momentum has been with the sellers since early April, shorter-term momentum is starting to shift towards buyers.
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