Bitcoin and Cardano Fall Back
Bitcoin (BTC) successfully broke towards $22,000 following its impressive winning streak during the week. However, this new level proved to be a hard territory to protect as sellers started to take profit on the round figure.
Meanwhile, Cardano (ADA) is back in the red in the 24-hour charts after rejection at $0.52.
These consecutive frustrations with the world’s top-performing coins brew negative sentiment towards their prices.
Bitcoin (BTC) Briefly Breaks Out to $22,000
Enthusiasm for Bitcoin (BTC), caused by its successful march to $21,000 last week, is on a slow burn.
The crypto gold briefly touched an important resistance found at $22,000. This level could have opened for a short-term breakout to $25,207, but sellers were quick to take profit from the round figure which sent its prices back to $21,000. BTC is exchanging hands at $21.767, still up 1.09% for the day.
Forecasts on Bitcoin (BTC) price show BTC will touch the immediate support at $20,864. This level could open opportunities for a small rally to $22,089 or sustain the pattern reversal with a fall to $19,000.
Cardano (ADA) Makes a False Breakout at $0.52
Cardano (ADA) has traded flatly since the beginning of the month. It barely touched the $0.50 level on the remaining days of August.
But the latest recovery in the broader crypto market had been supportive of ADA, being one of the cryptocurrencies with the highest trading volumes.
The coin’s price took gains all the way to $0.52 which made investors anticipate a breakout that could have sent prices to $0.80. Historical records show ADA consolidating strength for a full-blown price surge after touching $0.50, but this might not be the case for now.
Cardano (ADA) is trading with a 1.22% fall to $0.50. Price predictions expect it falling to $0.48 early next week.
On the upside, news showing Cardano’s staking ratio being steady at 72.63% could help investors see the coin in a better light. There are 1.2 million wallets keeping their stash of ADA safely, hinting at a high degree of decentralization on the network.
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Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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