Cardano, NEAR, Tron Price Analysis – May 8

Long-term crypto HODLers attempt to stall the extended sell-off conditions that saw the broad market crumbling down to explore the $1.6 trillion areas.

Such developments saw NEAR and Cardano dropping beneath their 20-50-200 Exponential Moving Average. On the other side, Tron saw its 4hr Relative Strength Index swaying beyond the midline as TRX entered a low volatility period.

Cardano (ADA)

Renewed selling momentum by bears around the resistance zone at $1.1 – $1.2 saw Cardano resuming its downside phase, plummeting beneath the 4hr 20-50-200 Exponential Moving Average. Meanwhile, the downward move saw ADA chalking out a 41.07% correction within the previous 33 days.

The May 5 sell-off catalyzed multiple bearish engulfing candles that dragged the alt towards 15-month lows on May 8. As sellers control the bias, ADA bulls need to step up to ensure increased trading volumes.

While publishing this content, Cardano traded near $0.7454. The Relative Strength Index keeps steady declines within the past 72 hours. The indicator suggests a bullish divergence with ADA price.

Therefore, enthusiasts can expect reversals from current levels. However, the Chaikin Money Flow dived beneath the zero line. That means bulls should amplify their efforts to shift the current bearish trend.

Tron (TRX)

TRX saw an impressive performance on the price chart after reviving from the support barrier at $0.06. Higher lows plus persistent highs past the 38.2% and 50% FIB area fetched lucrative gains for the alternative token.

However, the move halted as Tron neared its multi-week trend-line resistance, breaching the upward channel. The sturdy 61.8% FIB saw TRX encountering challenges in extending its uptrends.

Now, TX lost a vital support barrier amid the sellers’ regime that triggered downswings from the Bollinger band’s upper limit.

Near Protocol (NEAR)

The prevailing market conditions have NEAR skewed in bears’ favor, and sellers secured new resting points after the past couple of weeks.

With bears monitoring the token’s highs and lows, Near Protocol dropped approximately 50% of its price from the April multi-week highs. Meanwhile, the altcoin could not protect the crucial Point of Control as the 20 Exponential Moving Average maintained a southbound trajectory.

While writing this content, NEAR traded at $10.247. The token’s RSI witnesses a brief advance following a move into the oversold territory. A closing past 35 would highlight a massive comeback for the indicator.