Cardano Price Analysis - May 24

  • Resumption of the journey to the moon seems to have just begun.
  • Patience is needed as a breakout to the upside or a breakdown  is imminent in the short-term outlook

Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.2800, $0.3000, $0.3200

Demand zones: $0.2000, $0.1500, $0.1000

 

Cardano’s medium-term trend is bullish. The bears' dominance was seen as they managed to hit their target at the $0.2000 demand zone. They further pushed the price down to a new demand area of $0.1928.

This was mentioned in yesterday’s analysis. The momentum was lost as the bulls gradually returned to take back control of the market. This was manifested as the price went past the $0.2000 demand zone with the formation of a bullish engulfing candle at the 26-day EMA.

The Stochastic Oscillator is at 51 percent and has left the oversold region with its signal pointing up. This suggests upward momentum. The resumption of the journey to the moon seems to have just begun, and as more bullish candles form and close above the moving averages crossover, the $0.2400 supply zone may likely be the bulls’ target in the medium term. This area is quite important as it will be the fourth touch. A breakout may likely ensue if the bulls succeed in getting price to this point

 ADAUSD Short-term Trend: Ranging

Cardano, ADAUSD, Cryptocompare chart

Cardano is consolidating in the short-term. The bears and the bulls are now in a fight over the pair’s short-term outlook. The bears' momentum seems to have faded after the impulsive move that pushed the price down to the $0.1900 supply area.

For the bears to get there was indeed a dream come true. The bulls are now gradually coming back as you can see in the range that the price is making higher highs and higher lows. The pair is currently trading between the $0.2160 upper supply range and the lower demand range at $0.1930. Traders should be patient and allow a breakout to the upside or a breakdown to the downside before taking a position.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

Featured Image Credit: Photo via Pixabay.com