U.Today – is probably in the worst form we’ve seen this year. As it stands, ADA is moving below all key moving averages on the medium-term charts. Unfortunately, the main reasons for such needy performance are multidimensional and go back to the foundations of Cardano.

The chart for ADA looks bleak. The cryptocurrency could be traded within 50-day, 100-day and 200-day EMAs. This indicates a downward trend. All of this needy performance contrasts sharply with the optimism surrounding Cardano at the beginning of the year. The inability to stay above these always essential levels likely indicates little buying interest and, therefore, confidence in the ADA, where extreme caution is necessary.

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One of the main reasons for this decline is high-level competition in the blockchain ecosystem. While Cardano has made progress in building an ecosystem around the platform, it is notably catching up with more popular ones like and .

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Bitcoin breached the $70,000 mark but failed to gain a foothold above it. Unfortunately, the market is reacting in strange ways: the Ethereum ETF craze is bringing mixed trends to the market, ranging from extremely bullish sentiment to subdued market performance within days, if not hours.

BTC price action encountered a robust barrier after breaking through the psychological level of $70,000, retreating slightly to consolidation around $67,500. From the chart below, you can see that Bitcoin is trying tough to stay well above key moving averages, including the 50-day and 100-day EMAs.

This has been further confirmed by the huge increases and decreases in volumes recorded over the last few days. Wild volume indicates an absolute lack of firm direction or confidence among traders.

Of course, don’t forget about the Ethereum ETF craze. On the one hand, the approval of Ethereum ETFs is sparking fresh optimism and an overall bullish tone – which has been reflected in soaring prices and activity.

In the future, these acceptances could aid Bitcoin stay at levels from which it can rise. Next up is the 50-day exponential moving average at the energetic support level of $66,683, while the 100-day EMA closes at $64,890. If BTC holds mostly above these supports, it will give the bulls a chance to test a $70,000 rally.

On the contrary, a break of these support levels will show a continuation of bearish activity, and the next critical support level below this level will be $62,521. This is likely to raise uncertainty in the market and may introduce significant volatility within a certain range.

Solana bears are not that robust

Despite Solana’s current condition, the trading volume suggests that the SOL bears are slowly losing their strength, and maintaining the current pressure on the asset may prove impossible in the foreseeable future, hence recovery may become a realistic scenario.

Solana has been flatter this week after touching the critical $165 level. It comes after a decent decline in the general market, where most cryptocurrencies lost value. In any case, transaction volumes show that the bearish momentum may be starting to tardy down.

The chart shows that SOL is holding above critical support levels, mainly the 50-day and 100-day EMAs. This remains a positive indication that assets have remained above moving averages. However, they indicate very well that the asset is still in an upward phase, despite the current downward pressure.

Demand for SOL purchases remains steady despite volumes failing from those levels earlier in the year. Gradually decreasing bearish volume is an early positive sign for buyers to regain control.

With overextended volume at the top, look for a move above to signal a recent phase of bullish extension. Note: If Solana falls and is unable to stay above the $150 support level, it could double its high and fall, although this currently seems less likely given the current premise.

This article was originally published on U.Today