The cryptocurrency market is flipping green and fast on Tuesday toward the end of the Asian session. Most crypto assets post single-digit gains after erasing the correction experienced on Monday.
Bitcoin is up 1.5% in the last 24 hours to exchange at $62,882, while Ethereum is trading 2.4% higher at $4,233. Binance Coin managed to hold above $480 on Monday, explaining the prevailing $486 and the potential to rise above $500.
- Solana price retreats from the new ATH at $218 to seek support at $200.
- Cardano is on the verge of a breakout with its immediate support proved by the 100-day SMA.
Solana continues to be a leader among altcoins rallying in tandem with Bitcoin. Last week, the competitive smart contracts token lifted above $200, closed the gap to the all-time high of $215, and stretched further to $218. At writing, SOL has secured higher support and is trading at $207.
Meanwhile, SOL appears to be facing a growing overhead pressure likely to retest support at $200. The Moving Average Convergence Divergence (MACD) already has a sell signal, which, if confirmed, could to another pullback toward the demand area.
The growing bearish grip is emphasized by the Moving Average Convergence Divergence (MACD) based on the four-hour chart. As the RSI retreats, odds increase, favoring the correction.
SOL/USD Four-Hour Chart
Cardano, the fifth-largest cryptocurrency, boasts $70 billion of market share and $1.5 billion in trading volume accrued over the last 24 hours. The smart contract token is teetering at $2.18 at writing amid an aggressively growing bullish camp.
ADA has remained sluggish in nearly six weeks due to its potential upside vulnerability at $2.5. On the flip side, bulls have ensured that support around $2 is defended at all costs. With the price currently above a key trend line resistance, Cardano’s ability to close the day above the supply zone in red is higher.
ADA/USD Daily Chart
The odds seem to be up surging to favor the bulls, starting with the immediate support provided to ADA by the 100 SMA-day SMA. According to the MACD and the RSI, bulls gave the upper hand. On the upside, Cardano must close the day above the 50-day SMA to validate the uptrend, at least above $2.5.
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