Cardano had a long-term bullish outlook as it traded above the mid-range after establishing and sweeping key highs and lows. Yet its short-term momentum was bearish, and a retest of the $0.149 support was likely. Monero dropped beneath a level of support and could head as low as $140 before the bulls step in. Basic Attention Token was headed toward the $0.212 level of support.
Cardano [ADA]
Source: ADA/USDT on TradingView
The range for ADA has its upper and lower boundaries at $0.173 and $0.13 respectively. When the price entered this range in late December, it formed a high and low for this range, then the first two weeks of December saw the price sweep both the high and the low.
While the short-term momentum for ADA is bearish, the price is above the mid-range, which coincides with the horizontal support level of $0.149.
Bears being unable to push the price beneath support is a bullish development. A retest of the mid-range is possible in the coming hours, followed by a move toward the $0.17 resistance.
The OBV showed mounting selling volume in early December, however, the past week has seen the buying volume increase.
In other news, Charles Hoskinson revealed that Cardano Developers will take charge of their Oracles in 2021.
Monero [XMR]
Source: XMR/USDT on TradingView
Like the majority of altcoins on the market, XMR also showed strong bearish pressure over the past few hours. The RSI showed a value of 38, and the price had recently lost the $149 level of support.
A dip to the highlighted liquidity pocket in the $139 zone was likely for XMR. Given its strong performance in recent weeks, a further drop may be unlikely. Hence this region can be used to build long positions.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
The Directional Movement Index showed that the uptrend was replaced by a strong downtrend, as the +DMI (blue) and -DMI (pink) flipped positions on the indicator. The ADX (yellow) continued to soar to indicate a strong trend.
The price moved beneath the 50 SMA (yellow). Combined with the loss of the 50% Fibonacci retracement level at $0.225 to the bears, a further downside was likely for BAT, with $0.212 and $0.2 targets for sellers.
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