The news about Ethereum Merge and Cardano Vasil hard fork added support to the crypto market this week. EMAs for ADA, ETH and SOL point to a bullish outlook, while technical indicators are bullish. However, DOT and SOL pulled back more sharply in the second half of the week. Therefore, they lagged behind the front runners. Market analyst Bob Mason analyzes the technical outlook for ETH, ADA, SOL and DOT.
Analyst looks first at Cardano (ADA) technical outlook
Cryptotkoin.com From Monday to Saturday, this week, ADA is up 7.80% to $0.4825. ADA made a bullish start to the week. Cardano broke away from the current year low of $0.3919 on May 12. Then ADA broke out the new high of July before easing.
The move towards the Cardano Vasil hard fork provided the boost expected by the end of the month. Meanwhile, ahead of the hard fork, the Fed’s monetary policy will influence the decision. Based on trend analysis, ADA will need to break through the July high of $0.5487 to target the June high of $0.6688.
Looking at the EMAs on a 4-hour basis, the uptrend of the 50-day EMA over the 200-day EMA will support a breakout from the 50-day and 200-day EMAs to bring in $0.55. Failure to return to the 50-day EMA will leave the 100-day EMA to test buyers. The EMA is currently sitting at $0.4731 below $0.4750.
Analyst considers Polkadot (DOT) after Cardano (ADA)
From Monday to Saturday, the DOT was up 5.35% to $7.29. Then it reversed. DOT has responded to a broad-based crypto pullback. Therefore, it dropped below $7.20, before finding support.
Looking at the trends, the DOT returned to $8.00 for the first time since June. A break from the weekly high of $8.08 will give the bulls a chance to move freely at the June high of $10.73. In the case of an extended reversal, below $6.00 and the June and current year low of $5.99 remains the key point. This Wednesday’s Fed monetary policy decision will likely be the most important driver.
Looking at the EMAs on a 4-hour basis, the DOT is currently down from $7.23 to the 100-day EMA. That’s why the signal is declining. Last week, the uptrend of the 50-day EMA over the 100-day EMA supported a return to $8.00. A bullish break of the 50-day EMA over the 200-day EMA will support a $10.00 run. However, the DOT will need to break through the 50-day EMA currently at $7.35 for an exit from 8.00.
Leading altcoin Ethereum (ETH) analysis
For the current week, from Monday to Saturday, Ethereum is up 15.02% to $1,539. As Tesla news tested buyer demand, ETH focused on investors’ September Merge. For this reason, it stayed away from an important comeback. For Ethereum, price volatility could rise before the Fed policy decision. However, news about Merge will continue to be the main driver.
ETH needs a break from $1,650 to target June highs of $1,972 and $2,000. However, downside risks remain if the developers announce a delay for Merge.
Looking at the 4-hour EMAs, the 100-day EMA over the 200-day EMA supported a return to $1,600. Further expansion of the 50-day EMA from the 100-day EMA will provide another breakout week. However, a drop to the 50-day EMA, currently at $1,460, would test support at $1,400.
Finally, the analyst evaluates Solana (SOL)
From Monday to Saturday, SOL was up 4.58% to $40.39. Then it reversed. Responding to a broad-based crypto pullback, SOL slumped below $40 before finding support. After last week’s Solana Mobile updates, there were no major drivers to support.
Looking at the trends, Solana June high has crossed $46.10 to kick in at $50. A breakout from the weekly high of $47.45 will give the bulls a chance to free move to the May high of $95.17. In the event of an extended reversal, avoiding below $25 and June and current year lows of $24.84 remains key. Project news updates from the Solana ecosystem and NFT space will need to impact to support a breakout from current levels. However, downside risks remain.
In the meantime, it is necessary to look at the EMAs on a 4-hour basis. Here, the 100-days EMA over the 200-days EMA supported a return to $47. The 50-day EMA will need to withdraw from the 100-day EMA to activate $55. However, the SOL needs to break above the 50-day EMA and avoid falling to the 100-day EMA.
