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Cardano Price May Retest Previous Low at $0.41 Level, TAMA Presale Sells Out

Sellers oppose buyers in Cardano market

ADA Price Analysis – September 20

When the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.47, $0.50, $0.54

Support levels: $0.41, $0.38, $0.25

 ADA/USD Long-term Trend: Bearish

On the daily chart, Cardano is bearish. The price continues trading within the descending channel formed within the daily chart as an evidence of bearish signal. Cardano touched the support level of $0.50 twice. The price bounces off the level when it tested the level second time. The support level of $0.47 has been broken downside and the price is facing the support level of $0.41 at the moment.

Cardano is trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at distance indicating bearish momentum. When the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels. The technical indicator Relative Strength Index is at 42 levels with the signal line pointing downside which indicates a bearish signal.

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ADA/USD Medium-term Trend: Bearish, TAMA Presale Sells Out

Cardano is bearish on 4-hour chart. The Crypto was heading towards the resistance level of $0.50 before sellers opposed the movement. Strong buyers’ pressure is noticed on the 4-hour chart; formation of big bearish candle which placed the price below $0.47 support level. At the moment the price is heading towards $0.41 level.

The 9 periods EMA crossed the 21 periods EMA downside indicating that bears are dominate Cardano market. The relative strength index period 14 is pointing downside at 37 levels indicating sell signal.

Tamadoge Head of Growth Carl Dawkins spoke at a Blockchain and NFT conference as part of London Metaverse Week on Saturday, with several other TAMA holders in attendance. New crypto token presales and ICOs can often outperform bearish market conditions even if their launch day is a red day – investor sentiment, hype and optimism is highest in the early stages of a new crypto project.

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Terra Luna Classic soars as Binance implements LUNC burn

Terra Luna Classic (LUNC), the original version of the collapsed cryptocurrency Terra Luna, is smashing upwards on Monday afternoon, with massive gains sending the coin to highs seen early last week. The LUNC/USD pair was trading around $0.00029885 at the time of writing, with intraday highs of $0.00031905 across major exchanges that list the coin.::Listen

Terra Luna Classic (LUNC), the original version of the collapsed cryptocurrency Terra Luna, is smashing upwards on Monday afternoon, with massive gains sending the coin to highs seen early last week.

The LUNC/USD pair was trading around $0.00029885 at the time of writing, with intraday highs of $0.00031905 across major exchanges that list the coin.

According to CoinGecko data, the cryptocurrency has surged by more than 40% in the past 24 hours – most of the gains coming after what is good news in the form of Binance support for the cryptocurrency’s burn mechanism.

Binance implements LUNC burn

On Monday, Binance CEO Changpeng Zhao announced that the crypto exchange, the world’s largest by trading volume, would implement a 1.2% tax rate burn as the Terra Luna Classic community looks to reduce the coin’s supply.

Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each week in this announcement until further notice,” the exchange informed its customers.

Zhao also commented on the LUNC tax burn, noting the platform is implementing the model as LUNC holders would not have supported an earlier announced opt-in proposal. He tweeted:

As for what happens to the fees, Binance noted: “Trading fees on LUNC spot and margin trading pairs that collected in a token other than LUNC (e.g., USDT, BUSD and BNB) will be converted to LUNC with the real-time exchange rates on Binance every Monday at 00:00:00 (UTC).”

In the past 24 hours, Terra Luna Classic has registered a daily trading volume of just over $2.4 billion, with CoinGecko data showing a circulating supply of 6,901,298,301,199 LUNC.

The post Terra Luna Classic soars as Binance implements LUNC burn appeared first on CoinJournal.

Cardano Price May Retest Previous Low at $0.41 Level, TAMA Presale Sells Out

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