Bitcoin price, Ethereum and other cryptocurrencies look to be diverging from global markets this morning after the third recession warning on Wednesday. With commodities still selling off on Thursday and stock markets mixed, cryptocurrencies look to break the trend and shed the weight of the correlation with global market trends. Expect to see possible further decompression, with some gains in the books as cryptocurrencies are looking for the nearest upside price caps.
Cardano price remains under pressure despite experiencing a bounce-back Thursday at the time of this update (11.30 GMT). ADA price again found support at the $0.45 support on a negative Wednesday for most cryptocurrency markets. This level, which had not been seen since June from last year, has become the only remaining lifeline for Cardano bulls, having acted as support three times in the last month. Still, buyers of the layer 1 token are not showing up, which is reflected in the lower highs that each relief rally attempt in the past two weeks has finished at. News surrounding the delay of the Vasil hard fork is not helping one bit, but the testimony later in the day of Cardano founder Charles Hoskinson in the US House of Representatives could help bulls get some life and initiate a potential ADA price turnaround.
Ethereum price has been hovering around a significantly important resistance barrier. This key level prevented ETH from climbing higher in the recent rally. However, things might change soon for the smart contract token, which could result in a quick run-up.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.