Tough Month for Cryptos
April has generally not been a very good month for some of most popular cryptocurrencies, with FXCM's CryptoMajor Basket losing around 15% on the month at the time of writing, despite starting it with fresh year highs.
The strength of the US Dollar, due to the aggressive expectations around the Fed's interest rate hikes path, has been one main driver of this weakness.
Dogecoin has been trying to resist the greenback's might, as it has elicited support from the Elon Musk – Twitter saga, resulting in a mixed April.
Cardano One of the Main Losers
Cardano (ADA/USD) had a profitable March, but this is the only upbeat month of the year so far. It runs a four-week losing streak and sheds more than 25% in April at the time of writing, as the moth heads to a close. This poor performance has made it vulnerable to the 2022 lows from February (0.7430), but bears may not be ready to push lower, towards 0.5870.
On the other hand, ADA/USD has been trying to stabilize over the last few days and a reaction back towards 0.911 would not be surprising, but it does not inspire much confidence at this stage. Daily closes above the EMA200 (at around 0.973) would be required for the downside bias to halt, though this seems like a tall order under current conditions.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.