🔥🔥🔥 $BTC Faces Resistance and $ADA Coin Struggles
Bitcoin Struggles to Break $65,000 Resistance
Bitcoin (BTC) continues to face challenges, failing to break through the $65,000 resistance level for the second time. Despite a generally positive outlook in the #CryptoMarkets , historically, the third quarter has been the weakest period of the year. BTC remains relatively stable despite several promising developments in the market.
Why Is ADA Coin Facing Challenges?
ADA Coin is struggling with resistance at $0.40. Although it briefly surpassed this level, it quickly fell back below it. The movement of the MVRV ratio into the sales zone has also impacted its performance. While investors are optimistic about the fourth quarter, the overall weakness in the crypto market may persist until mid-September.
Potential Impact of PCE Data on Crypto
The upcoming PCE data release on Friday could potentially cause an unexpected drop in crypto prices, although this is not widely anticipated. The 30-day MVRV ratio for ADA Coin is currently at 11.4%, which is within the typical sell range of 8% to 18%, but has decreased to 5.4%.
Key Points for Investors
1. Resistance Levels: Bitcoin’s failure to surpass $65,000 could indicate a potential pullback to $60,000.ADA Coin’s Struggles:
2. ADA Coin’s inability to maintain momentum against competitors suggests potential long-term issues. If it falls below $0.37, the next support level could be $0.34.
3. Potential Upside: If Bitcoin makes a third attempt at breaking $65,000 and ADA Coin rises above $0.40, it could target $0.44.
Since February, ADA Coin has declined as competitors surged, partly due to Charles Hoskinson's challenges and the network's lack of widely adopted protocols despite upgrades like Vasil.
ADA Coin's ongoing struggle highlights a significant challenge in the current market environment. If it falls below $0.37, it might target $0.34. Conversely, if BTC successfully breaks $65,000 and ADA Coin surpasses $0.40, it could aim for $0.44.
Source - en.bitcoinhaber.net
