Cardano, Tron, Axie Infinity Price Analysis: 24 January
As the ‘fear’ sentiment got worse, Bitcoin lost over 8% of its value in a few hours. Consequently, Tron and Axie Infinity managed to hit new lows on 24 January. Also, these bearish candlesticks accompanied high volumes, hinting at a strong bear move.
The bulls visibly failed to counter the selling pressure. But, is that it?
Source: TradingView, ADA/USDT
Over the past two months, the sellers have shown up at the $1.59-mark and halted the bullish rallies. Thus, the recent up-channel saw a breakdown from the aforementioned mark. The alt registered a 44.29% decline (from 18 January) and hit its nine-month low on 22 January.
This fall proved menacing for the bulls as ADA fell below its EMA ribbons and even lost the vital $1.02-mark. Now, any possible recoveries would find resistance at the 20-EMA near the $1.12-level. And, further pullbacks to find a testing ground at the $0.91-mark.
At press time, ADA was trading at $0.97. The falling wedge breakout tested the 44-mark RSI but yet again hovered around the oversold region. Furthermore, the Volume Oscillator saw a sudden spike during the last few candlesticks, hinting at a strong bear move.
Source: TradingView, TRX/USDT
After reversing from the 61.8% Fibonacci resistance on 20 January, TRX correlated with the broader trajectory and saw red candlesticks until press time. The crypto registered a 28.2% decline in just four days and touched its six-month low mark on 24 January.
As the gap between the 20-SMA (red) and the 50 SMA (grey) widened, the selling influence increased. Now, the immediate testing point for the bears stood at $0.0516-mark.
At press time, TRX was trading at $0.05273. The RSI was on a solid downturn and now eyed to retest the oversold territory. Also, with the +DI looki
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