Ever since ADA has faced rejection at a Higher resistance, this crypto has lost the steam to rally significantly. This crypto’s price action appears very weak and vulnerable, such that moderate selling pressure will pull it to lower support.
Cardano Forecast Statistics Data:
Cardano’s current price: $0.4396
Cardano market cap: $15.57 billion
Cardano circulating supply: 34.18 billion
Cardano total supply: 34.85 billion
Cardano Coinmarketcap ranking: #8
In this analysis, we’ll try to examine signs emanating from trading indicators in the ADA/USD and ADA/BTC markets. Furthermore, we will interpret them and use them to determine what can be expected from this market.
Key Price Marks:
Resistance levels: $0.4500, $0.5000, $0.5500
Support levels: $0.4550, $0.4400, $0.4300
ADA Showing Signs of Claiming Minimal Profits, TAMA Heads to the North
In recent times price action on the ADA/USD chart is only portraying signs of minimal gains up till now. On this chart, we can see as small-sized price candles managed to cross above the faster EMA line. More accurately, the faster MA only cuts across the second to the last green candle on this chart, while the last red candle lies in between the 9/21 days MA.
More positively, the RSI indicator lines are pointing steeply upward, and thus hint that the price may keep rising. So far, it appears as if the appearance of the last red candle seems not affect the direction of the RSI curve. Therefore, going by the activities of trading indicators we can predict that Cardano’s price may reach around $0.5000.
Cardano Price Analysis: ADA/BTC Portray More Significant Uptrend
Looking at the ADA/BTC chart, we can perceive that upward price movement in this market looks more significant. On this chart, there is a more bullish candle above the MA lines. Another plus to this is that the EMA lines are also about to deliver a cross under the price movement. The eventual occurrence of the cross will supply more upward push to price movement.
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Also, the Stochastic RSI indicator is still indicating continuous gathering of upward momentum. We can see that the lines of this Indicator are still pointing upwards. And, going by the height of the RSI curves and the EMA lines, surely, the value will rise further. Nevertheless, the value might not reach very farther up, perhaps say 0.000024 may be strong resistance. Traders should anticipate this level and perhaps place a buy order straight away.
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