Cardano price analysis: Bullish signs evident as ADA crosses $1.340
Cardano just hit an all-time-high against Bitcoin, and the development team’s roadmap may be getting a boost because of it. The ADA/BTC ratio is now 1.3, meaning the Cardano price will expand by 1.3 times more if Cardano is traded against Bitcoin than if it trades against the US dollar. That’s a long way from the previous ratio, which was 0.77, but points to a trend of ADA’s value rising against Bitcoin.
Cardano is the 6th largest cryptocurrency in terms of market cap. The project was founded in 2015 and has since undergone two successful crowdsales, raising over $67 million USD for its development. The project’s name comes from the fact that its blockchain is based on the Cardano platform, which is an open source blockchain platform based on peer-reviewed academic research.
Cardano’s price has risen by 37% in the last six days, according to data.
The run-up to $1.373 hit a significant swing high, which provided liquidity for it by trading above it.
Before fresh rise, ADA is expected to correct 11% at the $1.195 support level.
Coin360’s cryptocurrency heat map
Cardano gained a lot of ground after the drop at the lower Bollinger band. Investors, especially big ones, are likely to record gains and reduce their holdings. According to Cardano price research, traders should be wary of a possible short-term drop.
Within a week, Cardano’s price had risen by 37%. At $1.370, it hit its highest level in two weeks. The market usually retraces after making fresh highs. ADA investors should keep a careful eye on the market for this small correction. Critical support levels around $1.251 and $1.195, according to Cardano price research, may be able to stop the drop by absorbing the market’s selling pressure.
Cardano price trend over the past 24 hours – The upward journey starts!
Due to retests on June 23 and June 26, the swing high on July 25 is more likely to be challenged as being significant.
According to Cardano price research, investors can anticipate an 11% drop from the current price of $1.351 to $1.195. This may be an excellent moment to purchase, but proceed with caution. The cost has decreased. However, the price is expected to rise, therefore investors should purchase now before the price rises, in case they wish to sell later.
When this occurs, the negative momentum that follows may drive Cardano’s price down to the next support level at $1.108. According to Cardano price research, Bollinger Bands indicated a lack of volatility since the price level stayed near to its prior range.
If this barrier is breached, the bullish thesis for ADA will be invalidated, and the stock may go back to where it was trading before all of these investors became interested in its potential. In recent weeks, sentiment about cryptocurrencies has shifted back to a more optimistic perspective.
However, Amazon’s statement on Friday that it plans to offer Bitcoin payment alternatives by the end of 2018 is undoubtedly positive for the sector.
Cardano is strongly maintained by bullish support underneath the 4-hour chart of ADA/USD.
TradingView’s Cardano price chart
According to Cardano price research, the decrease in price, when ADA bottomed out at $1.0073, seems to be more and more positive.
The ADA/USD pair rallied after reversing from a key support line. Furthermore, ADA will have broken its downtrend if it breaks out of its current drop and continues to trend higher during the day.
The price of ADA rose throughout the time period in question, as seen by the daily chart. The strong trend line that emerges at $1.0200 is the first thing to notice. Over the past five months, this price point has proved itself in five sell-offs.
Conclusion of the Cardano price analysis: The price is accelerating towards higher support levels.
As a result, the bulls will be hopeful that this week’s 30 percent rise is only the beginning of things becoming better. Cardano crossed the 50 DMA this morning and is expected to close above it today.
The next significant moving average to be cleared is the $2.00 level, now that it has passed the 100-day MA at $1.4497. At the end of May, the price broke out of a falling triangle.
This is a bullish indication that should be seen as very encouraging. Furthermore, the Relative Strength Index is rising, indicating that the bullish trend is continuing.
Traders are expected to purchase more ADA in light of recent good news regarding Cardano. Bulls retain a bullish view when ADA is above the descending trend line at $1.2130 and the 200 DMA at $1.1755.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
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