Price Analysis: Cardano, LUNA, SAND

Breaking off of the $1.02 support level, Cardano’s ascending channel was breached by buyers. The bulls now appear to be aiming for a reversal of the 20-period moving average. At the same time, the 4-hour RSI for SAND had fallen below the oversold level of 70.

Near the Point of Control, Terra, on the other hand, went into a low volatility period.

Cardano (ADA)


Following its nine-month low on January 22, ADA experienced a 37.2% rebound as it broke through the $1.2 mark to try and test the upper trendline again. Since then, the value of the altcoin has dropped by more than 18 percent in the last six days.. As a result, descending from the ascending channel (white).

On February 12, the 20 EMA (cyan) fell below the 50 EMA (red), confirming a bearish bias. The 20 EMA at $1.07 was the first line of resistance, followed by $1.1 as the next.

ADA was trading at $1.033 at the time of this writing. There has been a significant drop in buying interest over the last four days. The RSI moved out of the oversold 58-region area. As long as the market continues to rise, the 40-mark barrier will be tested. There were signs of a bullish crossover, even though the MACD showed a bearish bias. To validate a probable recovery, they still had to cross the equilibrium point.

Terra (LUNA)


The alt’s up-channel (yellow) collapse was met with resistance at $86.49. A 50.11 percent decline followed, with LUNA settling at a two-month low on January 31 (down from its high on January 17).

When a result of it, the alt gained 37.4% in the next week as it broke out of the down-channel (yellow) only to encounter resistance at the 38.2% Fibonacci level. A pullback took place, which coincided with a support level on the trendline at its Point of Control (red) (cyan). At this point, the bulls’ testing point was $53.

At the time of this writing, LUNA was trading at $52.56 per share. In contrast to the 46-point RSI, the midline hurdle remained firm. The 23.6 percent barrier might be knocked down with any close above the equilibrium. There were also black dots showing minimal volatility in the short term on the Squeeze Momentum Indicator.

Sandbox (SAND)


From the alt’s two-month low on January 22 to the $4.12 level, the ROI was over 62 percent. Bears began a breakdown as the up-channel rally was unable to break through this level.

As a result, on February 13th, SAND broke through the support of its three-week trendline. There was a shift in the $4.12 level from support to imminent resistance. $3.8 was the bulls’ immediate testing ground.

SAND was trading at $3.9461 as of this writing. Sliding wedge: The RSI fell steeply (yellow). A reversal would be likely if buyers showed conviction to defend the $3.8-level as it drifted towards the oversold territory.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *


Recent Posts

Follow Us