Cardano gained a lot of attention in the past week as it saw notable changes that led many to believe that the sleeping giant finally woke up. Following gains of more than of almost 10% on the first day of the month, many asked if the uptrend would continue or end soon.
It is hard to say what happened as the days leading up to the time of writing were filled with a lot of volatility. However, during this period, several trends were constant. One such was that the asset stayed below $0.75 for an extended period. In the event of breakouts, it failed to flip $0.80 and held the $0.70 support as well.
This meant the coin continued to trade within the $0.80 and $0.70 channel with a few breakouts as a result of price decreases. Due to the coin remaining in this pattern for a long period, it is safe to conclude that it gradually lost momentum.
A look at its weekly performance also showed that during the previous week, it failed to register any notable change in worth. Nonetheless, it returned to a level it hasn’t visited in more than a year.
Cardano Traders Pay Close Attention to MACD
Aside from the price movement, indicators are also printing signals. One such is the Moving Average Convergence Divergence. It had a bullish divergence on the last day of the previous month. Following this event MACD has been on the rise.
Over the last three days, the said indicator has been printing a bearish signal. The 26-day EMA and 12-day EMA are gradually closing the gap between each other. This is one many refer to as a bearish convergence. At the time of writing, both EMAs are in contact with an upcoming divergence. This might spell more price decline for the asset.
Solana Registers New High
In other news, Solana is up to another milestone. A few hours to the time of writing, it flipped $160 and peaked at $164. The new milestone comes after the coin opened trading at $151 and dropped to a low of $148. This means the asset is up by almost 8%.
Nonetheless, following the latest achievement, indicators are blaring warnings. The first that raises concern is the Relative Strength Index. Since the sixth day of the current month, the coin rose above 70, the boundary between a moderate asset and an overbought one.
Since this event, it failed to correct. As a result, it continued to soar higher. The latest move places saw the asset hit 81. This may mean the downtrend is drawing closer.
If this happens, the coin might retrace to $142. This mark served as support over the last seven days. It may also hold up in the coming days. It is worth noting that if it breaks, the altcoin may retest $110 as we saw some days ago.
Nonetheless, other indicators like the MACD and the A/D channel are fairly silent with not signs of printing bearish signals. This more glaring in the moving average convergence divergence as both the 12-day EMA and the 26-day EMA are still on an uptrend with no signs of halting.
