As a seasoned crypto investor with a knack for recognizing market trends and a portfolio that has weathered both bull and bear markets, I find myself cautiously optimistic today. The data from CoinStats suggests a dominant selling force at the beginning of the week, which is not entirely surprising given the volatility inherent in this dynamic industry.
Sellers are more powerful than buyers at the beginning of the week, according to CoinStats.
ADA/USD
Cardano (ADA) is one of the biggest losers today, falling by 5.28%.
Despite today’s drop, the rate of ADA keeps looking bearish.
If the daily candle ends close to the support level of around $0.33, it’s likely that we might see a deeper price adjustment towards the $0.30 – $0.31 zone before the week concludes.
ADA is trading at $0.3317 at press time.
SOL/USD
Solana (SOL) is not an exception to the rule, going down by 3.44%.
As a crypto investor, I find Solana’s (SOL) technical outlook more appealing compared to Cardano (ADA) at the moment. If yesterday’s bar’s low experiences a false breakout and the candle closes without a significant long wick, it could signal a local rise that might propel SOL towards testing the $140 zone in the near future.
SOL is trading at $131.61 at press time.
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2024-09-16 18:49