Cardano, DOT, ETH and SOL: These Levels Available Next Week!

Now, new technical indicators are showing a decline. Let's take a look at the levels for the week starting October 17 for Cardano, DOT, ETH and SOL.
 Cardano, DOT, ETH and SOL: These Levels Available Next Week!
READING NOW Cardano, DOT, ETH and SOL: These Levels Available Next Week!

The cryptocurrency market has slumped to $876.3 billion, losing $30.4 billion in volume since last week. The downtrend was supported by US inflation data and rising forecasts for a 75 basis point rate hike by the Fed in November and December. Now, new technical indicators are showing a decline. In this article, let’s take a look at the week’s levels starting October 17 for Cardano, DOT, ETH and SOL, accompanied by analyst Bob Mason.

Cardano, DOT, ETH and SOL weekly review

ADA price is trading at $0.3678, down 12.5% ​​since last week. Despite the drop in the Friday and Saturday sessions, it briefly recovered to $0.382 before turning into the red. Network updates continued their downward trend as post-Vasil project numbers put downward price pressure. On Friday, the Cardano team shared its weekly development report as of October 14. Highlights from the report:

  • Ongoing work on key technology improvements.
  • The upcoming Daedalus release to solve the minimum wage calculation issue.
  • Unlike the previous week, 102 projects were launched in Cardano.
  • 1,120 projects are being built in Cardano, three more than the previous week.

https://twitter.com/InputOutputHK/status/1581007687881355265

Before the Vasil hard fork, the number of projects started in Cardano was 98. There were 1,100 projects built on the Cardano network. Based on the trend analysis, ADA will need to break past the August high of $0.595 for the June high to exceed $0.6688 and target the May high of $0.906. As a result, the return to $0.55 will be the key. However, the October bottom touching $0.350 will give the bears a look below $0.300.

It is giving a bearish signal for ADA on the EMAs on a 4-hour basis. ADA is currently sitting below 50 days at $0.390. The 50-day EMA has fallen back from the 100-day EMA. The 100-day EMA has shifted back from the 200-day EMAs, giving bearish signals. An ADA move over the 50-day EMA ($0.390) supports a return to $0.400 to view the 100-days EMA ($0.408). However, the 200-day EMA sits at $0.429. As a result, failure of the ADA price to exceed $0.390, will suggest $0.300 is in the game.

Polkadot (DOT)

Polkadot failed to provide support for network updates, despite a surge in development activity. He recently provided a detailed report on network activity that includes the total number of projects in Kusama ecosystems. Looking at the trends, a DOT move towards $9.68 suggests a move to $10.00 followed by a move to $10.73. Also, the DOT could see a clear rally from the $10.73 high to $16.44 May high. DOT will need to break the September high resistance at $8.05 to support a shift in sentiment. However, the DOT will need to avoid the weekly low of $5.65 to prevent it from continuing to slide below $5.00.

Looking at the EMAs on a 4-hour basis, the signal was bearish. The DOT has settled below the 50-day EMA, which is currently at $6.19. DOT will need to cross $6.19 or $6.29 to support a return to $6.50. However, failing to break past the 50-day EMA will give the bears a run below $5.00.

Ethereum (ETH)

No major network updates have been made to provide ETH price support. ETH remained in the hands of US economic indicators and sentiment towards the Fed’s policy goals. Looking at the trends, a return to $1,500 supports a breakout from the August peak of $2,031 to $2,500. Also at $2,500, the bulls will aim for the May peak of $2,968 and $3,000. A return to $3,000 will give the bulls a chance to run to the April high of $3,582. The October low of $1,190 gives the bears an escape from June and the current year low of $880.

On a 4-hour basis, the EMAs are giving a bearish signal. ETH is currently sitting below the 50-day EMA at $1,302. A move above $1,302 is supporting a break towards the $1,350 target. The 200-day EMA sits at $1,372. With the 50-day EMA not crossed, levels below $1,000 will remain in play.

Left (LEFT)

NFT and network updates further added to the downward pressure, along with news of the Mango Markets hack and the NFT bear market SOL price negative. The trends suggest a move towards $48.42 gives the bulls a chance to run to the May high of $95.19. SOL will need ample support to break out of $75. However, a move towards $27.4425 like October would consider June and a year low of $25.78.

Looking at the EMAs on a 4-hour basis, this was a bearish signal. Solana’s break of $32.7037 supports a ward towards $31.9028. However, after Friday’s drop from the 50-day EMA, the key to any recovery would be a return to $30.00.

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