Cryptocurrencies Price Analysis: BTC, ETH, ADA

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • As the presidency of The United States Of America falls under the COVID-19 wave, U.S President Donald J. Trump and The First Lady Of U.S. Melania Trump tested positive
  • The news has brought a sharp negative divergence to both the U.S. stock market and the cryptomarket
  • The pullback looks recoverable in the near term as the U.S. is also expecting a stimulus package by the trump administration which is already officially approved by the House Democrats

Where is the market headed up?  

The destruction of the bears can be noticed with the trading terminal turning into the red on Friday’s market session. BTC slipped below the support level of $10500 and Ether also broke below the support level of $350 respectively. However, the overall sentiment is somehow indicating that the pullback won’t increase its magnitude in the market later on as the U.S. is expecting a stimulus package worth $2.2 Trillion to aid the citizens in the pandemic. 

Bitcoin (BTC) Price Analysis 

The global sentiments are currently damaging the levels of BTC in the market. From The POTUS and FLOTUS testing positive for COVID-19 to a failed or we can say a chaotic first debate for the U.S. Presidential Election 2020, the overall market conditions were turned bearish. Therefore, BTC dropped below the support level of $10500. However, a technical positive reaction from BTC at $10,416 on coinmarketcap.com, provided a little recovery to the price level and the world’s largest crypto asset is again above the support level of $10,500. 

Resistance level: $10900

Support level: $10500 

Ethereum (ETH) Price Analysis 

Ether also broke below the major support level of $350 and currently facing an overall loss of -6.03% with the current price of $344.58. The price level of $340 acted as a new support level for the digital asset on Friday’s session. There has been an increase in 24-hour volume traded of ETH and currently standing at $18,089388,107 as compared to on Thursday’s session which was $ 12,360,670,278. Sustaining above the price level of $340 might be indicating that the current ongoing pullback activity won’t be for a longer duration for Ether. 

Resistance Level: $370 and $390

Support level: $340 and $320

Cardano (ADA) Price Analysis 

Despite major coins recovery on the levels in the overall bearish momentum in the market, some of the crypto assets have faced severe damage in the levels. Cardano is being one of them which a significant downfall of -8.46%. It also broke below the crucial mark of $0.10. The price levels below $0.10 have not relation to ADA as they have provided sustained consolidation to the cryptoasset on the past several occasions. It is expected that if there’s an upcoming price recovery wave for the crypto assets, ADA might attempt for crossing $0.10 again.   

Resistance level: $0.12

Support level: $0.092 

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