Cardano Faces Resistance, Will It Follow Bitcoin?
2024-10-16

Today we saw Bitcoin producing a strong move upward. Is this move a bull-trap or the start of a major bullish wave?

When Bitcoin goes bullish, the Altcoins turn bullish.

If Bitcoin is set to move up for weeks and months and hit a new All-Time High, the Altcoins market, projects such as Cardano, would respond with maximum bullish momentum and growth. Maximum growth is not present on this chart.

Cardano (ADAUSDT) is right now facing resistance below EMA144 as the day turns red. Trading volume is really low and there is no significant bullish action.

We saw something similar with XRPUSDT, PEPEUSDT, SOLUSDT, TRXUSDT, TONUSDT and other major Cryptocurrency trading pairs.

If Bitcoin was set to hit a new All-Time High next, we would see these pairs breaking resistance and closing full green. Seeing these pairs producing a red candle today with no volume is a warning signal.

Bitcoin can be producing a bull-trap, a false breakout before one major drop. This is revealed by the fact that the Altcoins market is not responding to Bitcoin's growth.

Cardano seems bearish below resistance.

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Namaste.