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.