HomeCoinsCardano (ADA)Cardano, GALA, Filecoin Price Analysis: 08 February

Cardano, GALA, Filecoin Price Analysis: 08 February

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As the overall sentiment finally skewed away from the fear zone, Cardano rose above all its EMA ribbons. But it showed resistance at its three-month Point of Control. Further, although the near-term technical indicators of GALA and Filecoin affirmed the bullish vigor, they also hinted at slightly decreasing buying power on account of the overbought readings.     

Cardano (ADA)

Cardano, GALA, Filecoin Price Analysis: 08 February

Source: TradingView, ADA/USDT

The up-channel (yellow) breakdown from the $1.59-mark led ADA bears to test the $1.02-level multiple times over the past 17 days. The alt fell by 44.2% (from 18 January) and poked its nine-month low on 22 January.

Since then, ADA saw a 24.8% recovery as it tested its upper trendline of the up-channel (yellow). Thus, it reclaimed the $1.2-mark while moving above all its EMA ribbons. Now, as it pulled back, further retracements would find a testing point near the 20 EMA. Moreover, the bulls struggled to topple the immediate resistance near its Point of Control (red).

At press time, ADA traded at $1.197. The RSI steadily marked higher peaks as it drifted into the overbought region. The 59-mark support would be crucial for bulls to uphold to prevent a further downfall. 

GALA

Cardano, GALA, Filecoin Price Analysis: 08 February

Source: TradingView, GALA/USDT

GALA lost its bullish vigor after it failed to uphold the $0.421-resistance. Then, it even lost the $0.32-level only to witness another sell-off on 21 January. GALA lost 58.16% of its value (from 12 January) until it touched its two-month low on 22 January.

The alt witnessed a classic bearish flag breakdown from the $0.203-mark on 30 January. Since then, the bulls kept exerting sustained pressure as the alt saw a 110% ROI until it tested the $0.371-mark on 7 February. From here on, any pullbacks would find testing support at the $0.32-mark.

At press time, GALA was trading at $0.32895. The recent RSI revival saw a strong breakout from the rectangle top (yellow). It poked its record high of 92 before plunging below the 62-level. Also, with the gap between +DI and -DI reducing, the RSI eyed to retest the equilibrium.  

Filecoin (FIL)

Cardano, GALA, Filecoin Price Analysis: 08 February

Source: TradingView, FIL/USD

FIL bears initiated a staggering 46.59% downturn over the past week and ensured a sustained breakdown below the up-channel (white). Since then, the altcoin saw an up-channel recovery that bagged in 54.2% ROI in the last two weeks. 

Meanwhile, the Supertrend continued to flash a buy signal. The immediate testing support now stood at the $22.7-level.

At press time, FIL traded at $24.559. After dropping from the overbought region, the RSI headed to test its trendline support. Any close below 58-level support would be detrimental for the bulls. Also, the Squeeze Momentum Indicator continually flashed grey dots. Thus, still entailing a high volatility phase.



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