Solana, Ethereum & Cardano – American Wrap 08 July
Solana price releases from a symmetrical triangle continuation pattern and recaptures tactically important moving average. Compound price building the right shoulder of an inverse head-and-shoulders pattern, consolidating 170% rally. Meanwhile, Bitcoin price languishing near the June correction lows, void of any sustainable, impulsive bid. The decentralized finance (DeFi) space has been a reservoir of exciting trading opportunities since June 22. Based on the charts, SOL and COMP stand out for their relative strength and future potential to decouple from the flagship cryptocurrency, Bitcoin.
Ethereum price triggers a rising wedge pattern with a resounding decline of over 7% at the time of writing. Rumors of a delay for the London hard fork have been presented as the reason for today’s fall, but the charts already offered clear evidence that ETH was ready for a decline. Based on the price structure, not the rumors, the smart contracts giant could decline a further 20%.
Cardano price looked promising for more upside at the beginning of the week. Sentiment shifted today after the US Federal Reserve FOMC-minutes showed worries for investors. ADA is looking for a retest of $1.28 or a 6.5% correction. Cardano price opened the trading session this Thursday morning with a few worries. Most indices are in the red after the FOMC minutes published on Wednesday. Markets look to go for some risk-off today, and ADA is taking the punches.