Cardano has just broken below a significant support level at $0.84, triggering a bearish outlook for the coin. However, retail traders are citing that a shift to the rising PayFi coin could help investors protect their gains this period.
This follows the recent drop in public sentiment after the crypto market cap fell to $3.77 trillion early today, marking a decline from the market bull run. But can the PayFi coin offer a good escape from the lingering bear on Cardano this coming week?
Here is an analysis to consider why Cardano’s downward trend could be something to watch out for and how the new PayFi coin offers an exit from the Cardano bear trap.
Cardano Price Action Signalling Bear Attack After Rising Fear Index
The cryptocurrency market has been hit with a growing sell-off over the last few days, as its market cap Dips below $3.8 trillion. However, while many other crypto assets face a lingering bear market, attention is already shifting to Cardano, which is moving downward.
The last few days have seen the Cardano price undergo a drastic sell-off, indicating that investors are likely selling to protect their early gains from the August pump. By implication, the Cardano price is now entering a zone that could fuel a deeper dip towards a price as low as $0.6 by mid-September.
The price setup from the last two days shows a reversal, with the Cardano price now below the 30- and 7-day EMAs, heading towards support at $0.80. Whereas the price rose early today, gaining to $0.83 from yesterday’s low of $0.81. Although the Cardano price now trades near the 30-day EMA, the price momentum has not been strong enough to push it above the resistance.
Hence, a failure to reclaim the position at $0.84 by the end of today could fuel further selling, with the next potential pause projected at $0.74, which corresponds to the 200-day EMA.
Why This PayFi Coin Is Gaining Cardano Investors’ Attention This Period
Remittix has become more than just a new name in the crypto market this year, as it has maintained consistent growth for the last few months. By implication, this growth has seen the Remittix token increase by over 6 times in the last few months. As the Cardano price is being hit with a growing bearish outlook, Remittix is now becoming a more attractive alternative to consider.
Remittix’s outlook this year promises more growth as analysis shows lineups that are ready to boost its price on a bullish front. Some of the factors fueling experts’ outlook include:
- It’s final listing on top exchanges this year, with LBank and BitMart announcing interest in listing it on their exchange platform
- The project wallet launch is slated for the middle of September, which could spawn a new accumulation drive
- And its adoption, which could pick a new drive following the crypto to fiat payment to bank accounts after launch
Discover the future of PayFi with Remittix by checking out their project here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
$250,000 Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway
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