Cryptocurrencies Price Prediction: Cardano, Stellar & Zcash — Asian Wrap 05 February
|Cardano Price Forecast: Bearish outlook strengthens as correction deepens
Cardano (ADA) is extending its correction, trading below $0.29 at the time of writing on Thursday after posting two consecutive red candlesticks over the previous two days. The derivatives data shows signs of weakness, with ADA’s short bets rising amid falling Open Interest (OI), dropping to November 2024 lows. On the technical side, the outlook is bearish, with Cardano close to a price level not seen since October 21, 2023.
Stellar Price Forecast: Correction deepens with bearish signals prevailing
Stellar (XLM) price is extending its correction, trading below $0.167 at the time of writing on Thursday after being rejected at a key level. The derivatives data shows signs of weakness, with XLM’s short bets rising amid falling Open Interest (OI). On the technical side, bears remain in control, aiming for lower lows in XLM.
Top Crypto Losers: Zcash, Stacks, BNB drop further as Bitcoin weakens
Zcash trades near $250 at press time on Thursday, below the 50- and 200-day EMAs, which slope downward and are approaching a potential Death Cross pattern. The privacy coin reversed to the downside at the $300 mark, aligning with the 200-day EMA, crossing the 38.2% Fibonacci retracement level at $258, measured from the September 22 low at $46 to the November 7 high at $750. Zcash is down roughly 20% so far this week, targeting the 50% retracement level at $186.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.