ADA and BCH Reacted Differently to the BTC Fall
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ADA and BCH Reacted Differently to the BTC Fall

January 22, 2021      Peter Oleshchuk

The test of $0.4 and ADA correction by 30%

The consolidation triangle in the BTC market has finally broken in favor of sellers. The critical range of $32,000-$33,000 was broken. This in fact significantly affected the entire crypto world, but the impact on each coin was different.

If we take the example of the ADA, we see that its price began to correct the growth wave on 18 January. In 5 days, sellers managed to lower the price by almost 30%. The positive fact is that before the correction, buyers managed to reach our target, which we wrote about in previous articles.

ADA

As you can see in the chart, the ADA price hit the orange trend line. And sellers have not let the price move above it since February 2020.

READ  ADA Decided to Rest: New Consolidation in the Range of $0.24-$0.34

Given that in the previous two cases, the ADA price began a profound correction after the test of this trend, such a possibility exists now.

However, an important fact – in the previous two cases, BTC did not cost more than $20,000. In addition to the interest in the project, as evidenced by the trading volumes, the positive dynamics is noticeable on the chart of the ADABTC pair:

ADA

Keeping the local range of $0.28-$0.29 by buyers to allow the ADA price to continue growing with a global target of $0.6. Otherwise, buyers will retreat to $0.25.

BCH buyers have lost support for growth

If we compare ADA to BCH, then despite the higher daily trading volumes, BCH is performing worse.

So far, buyers have failed to maintain the critical range of $450-$500, which should act as a springboard for continued growth with a target of 1840. In the previous article, we wrote that a loss in the BTC market of the range of $32,000-$33,000 would return the BCH price within the two-year consolidation period.

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Today, the range of $450-$500 has become a serious problem for buyers. A second attempt to return this range might be unsuccessful – the BCH market is again waiting for a test of the range of $260-$290.

#ADA price analysis #ADABTC #BCH market #BCH price analysis #BTC fall
Peter Oleshchuk
Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.