Cardano (ADA), Polkadot (DOT) price analysis: July 9, 2021

  • Cardano (ADA) price renews the uptrend above $ 0.3 but the rebound may stall.
  • Polkadot price sees consolidation after correcting from $ 18.

Cryptocurrencies appear to have found equilibrium after the midweek retreat. Bitcoin tested the support at $ 32,000 before regaining ground above $ 30,000. Ethereum, on the flip side, is battling for over $ 2,000 support to ensure losses don’t climb to $ 1,800. However, the rest of the market is slightly in the red as altcoins posted single-digit losses.

Cardano (ADA) price analysis

Cardano (ADA) price corrected from highs of $ 1.5 and tested the support at $ 1.3. The 200 Simple Moving Average (SMA) added to the rising overhead pressures. Nonetheless, buyers were keen to secure higher support and avoid the $ 1 trip.

The Relative Strength Index (RSI) shows that buyers are starting to gain the upper hand. After touching the oversold area, the trend strength indicator appears to be moving towards the center line. If the upward move continues into the overbought territory, buyers on the sideline will be drawn to the market.

Read more: Cardano (ADA) will take 50 banks on board by 2022

It is worth noting that the rebound in ADA price will be a tedious task as the Moving Average Convergence Divergence (MACD) indicator shows. Despite the bulls taking the lead, this trending momentum calculator is still in negative territory. Likewise, the 12-day SMA divergence appears to be widening below the 26-day SMA.

ADA / USD price chart ADA / USD price chart from Tradingview

Polkadot (DOT) price analysis

Polkadot (DOT) price has accepted consolidation price action after its uptrend stalled a little below $ 18 earlier in the week. Meanwhile, support at $ 16 has been lost on top of the price dancing below the mid-line of the Bollinger Bands.

At the time of writing, the polkadot (DOT) price stands at $ 15 as the bulls push for recovery. The immediate downside is protected at $ 14.5. According to Bollinger Bands, volatility could be minimized in the coming sessions. Traders can look for another squeez before the DOT profit breaks out.

DOT / USD price chart DOT / USD price chart from Tradingview

However, a daily close above $ 16 will lift Polkadot towards $ 18 as more buy orders are triggered.

Disclaimer of liability

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

John is a talented writer with over two years experience who actively contributes to the cryptocurrency industry by providing credible, engaging, and easy-to-read content. His main focus is on cryptocurrency price analysis and industry reporting. Let’s follow him on Twitter @jjisige

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