The Cardano (ADA) Relative Strength Index (RSI) reveals that the bulls are pressing and buying against the slowdowns in the slowing trades. ADA is poised for a bullish breakout. Ethereum (ETH) price, on the other hand, was in the danger zone after trading below the 55-day Simple Moving Average (SMA). It won’t come as a surprise if ETH sees a 25 percent exit this week as it plunges into calm waters. As Kriptokoin.com, we convey ADA and ETH price analysis and analyst opinions.
Cardano (ADA)
Cardano price dropped below the 55-day Simple Moving Average (SMA) at $0.976 earlier this week. Although this is perceived as a bearish signal, the bulls are taking advantage of the dips and preventing the price from falling below $0.80. This proves that the RSI is not falling any further but rather flattening out, buying is happening as the bears try to push it down. ADA price is therefore poised for a bullish breakout where the demand side will soon outweigh the sell side pressure. Investors to step in now should place their stops behind a solid security level near $0.715. But on the upside, already two failed tests and a return to $1,637 with a double top in January and December make Cardano (ADA) a very profitable 4-to-1 investment.
55-day SMA’s rejection on the upside may be the level where the bears are adding more short positions and the bottom buys may not be a hedge for the bulls. If there is a break of the $0.7150 level, a sharp drop to $0.4150 would overwhelm the markets. That could happen with an unexpected Russian move in Ukraine, or if Le Pen wins Sunday’s French election.
Ethereum (ETH)
Ethereum (ETH) price was in the danger zone after trading below the 55-day Simple Moving Average (SMA). However, the bulls stepped in and used the area between the 55-day SMA and $2,900.00 as a slowdown level before extending the price action above $3,000.00. ETH investors could see solid gains this week as central banks remain quiet and global markets have a quiet week. One of the most important risk factors for this week is the French elections. In the past days, the comments of the FED speakers, the polls about the French elections, the news about Ukraine and many other side headlines have greatly affected the investment tools in the global markets.
ETH price will start a quiet Monday trading week. However, the 55-day SMA has risen and is approaching the 200-day SMA. While there is still a long way to go, a steady rally could bring the 55-day close to the 200-day SMA and possibly in the first week of May the dreaded death cross could be reversed and open up much more room to the upside. For ETH price, this amounts to $3,687.17 with monthly R1 and a historically significant level as a barrier. If the price fails to break above $3,000.00, the bears will defend more and increase the pressure on ETH price, triggering a drop to $2,695.79.
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