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Cardano Price Analysis: Bears could pose major hurdle for ADA to reach $2
The last couple of weeks have been filled with surprises for the crypto community. While Bitcoin [BTC] encountered…
The cryptocurrency market is once again a trillion-dollar industry. While Bitcoin [BTC] has been playing a major role in pushing these figures to the moon, fairly new coins like Polkadot [DOT], as well as Chainlink [LINK], have been aiding this growth.
Polkadot has been moving at an unstoppable phase smashing its individual records. Just today, the altcoin hit an all-time high of $14.86, and with regard to its market cap, DOT ousted Litecoin from the fifth position. The asset now stands as the fifth-largest cryptocurrency with a market cap of $12.67 billion which is very close to XRP whose market cap is $13.2 billion. This abutting distance has caused several to ponder over the fate of XRP.
Bears try to infiltrate the Polkadot market
DOT was on an upward trajectory. The asset had been surging without a hurdle over the past few days. At the time of writing, DOT was trading for $14.09 with a 26.30% surge over the last 24-hours. While this isn’t too far off from its all-time high, the bears had decided to limit DOT’s price growth. In the one-hour price chart of DOT, the volume of the asset in the crypto exchange Binance was seemingly low over the past few hours.
The Parabolic SAR indicator restricted the chances of an upward breakout by installing dotted lines above the candlesticks. The MACD indicator formed a bearish crossover and alerted the market about the bears.
Chainlink to retrace before making its way to ATH
Chainlink was trading at $18.21, which was incredibly close to its all-time high of $19.85. The asset recorded a 14.13% surge in the last 24-hours. However, this journey might be interrupted. LINK seems to be taking a break before its big show. The Klinger Oscillator formed a bearish crossover and affirmed the presence of bears. The Relative Strength Index indicator revealed that LINK was being overbought.
While both these assets managed to retain in the top ten, their price might undergo a little correction before pushing forward. King Cobie took to Twitter to acknowledge the move of these altcoins as he tweeted,
A lot of alt USD pairs look amazing. Link, Sushi, Uni etc all look fucking primed. Dot is leading the way.
Could this be it? Full ape season?
— KING CO฿IE ? (@CryptoCobain) January 15, 2021
