In lawsuits filed against Binance and Coinbase, the SEC claimed that some altcoins are securities. 
Among these altcoins, Cardano (ADA), which is among the top 10 cryptocurrencies, was also included. 
After these lawsuits, while many crypto exchanges delisted ADA, there was a significant decrease in price. 
The technical pattern called "death cross" was seen in the daily price chart of ADA, which experienced a decrease of about 30%. 
<h2 id="what-is-the-death-cross">What is the Death Cross?</h2> 
Death-Cross: The short-term average crosses the longer-term average from top to bottom. This intersection is considered important as a sign of great weakness. 
That is, this pattern occurs when a shorter-term moving average, such as the 50-week, falls below a longer-term moving average, such as the 200-week. 
Accordingly, on Cardano's daily chart, we see that the 50-day average crosses the 200-day average from top to bottom. 
<img decoding="async" class="alignnone size-full wp-image-115462" src="https://www.bitcoinsistemi.com/wp-content/uploads/2023/06/ada.jpeg" alt="" width="1600" height="1006"> 
Technically speaking, this pattern is interpreted as a sign of a potential uptrend reversal and the start of a downtrend. 
However, looking at the graph of ADA, it is observed that the death cross model was also seen on March 21, 2023, and the price increased by 35% after this intersection. 
Considering that the last crossover also took place after a 35% decrease, it means that this is a late signal for the current price movement and this intersection cannot be interpreted as a continuation of the decline alone. 
Scenarios where derath cross is successful are usually those in which bull markets eventually occur when the price first enters a downtrend. 
Death crosses at the bottom of bear markets are often misleading and do not yield successful results. 
ADA continues to trade at $0.2533 at the time of writing. 
*Not investment advice 
The post <a rel="nofollow" href="https://en.bitcoinsistemi.com/death-cross-alert-in-popular-altcoin-among-turks-how-will-the-price-be-affected/">Death Cross Alert in Popular Altcoin Among Turks! How Will The Price Be Affected?</a> appeared first on <a href="https://en.bitcoinsistemi.com">Bitcoin Sistemi</a>

Death Cross Alert in Popular Altcoin Among Turks! How Will The Price Be Affected?

목차

Bitcoin Sistemi EN

2023년 6월 20일에 게재된 다른 기사

New Crypto Report from Asset Management Company Bernstein: 'Tokenization Could Be an Opportunity'!

Tenity launches the XRPL Accelerator in Singapore for early-stage startups

Deutsche Bank latest institution to enter crypto arena

House of Lords conducts final review of financial services bill before returning to House of Commons

NORDEK Revolutionizes the Blockchain Landscape with BitMart Exchange Listing

Deutsche Bank Attempts to Gain Crypto Custody Service License: Details

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!