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Cardano [ADA]

Cardano market update: ADA/USD gains 5% driven by solid fundamentals

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  • Cardano moved to the 11th place in cryptocurrency rating.
  • Cardano Foundation becomes a founding member of the industry organization.

Cardano ADA has been doing well recently. The coin surpassed Bitcoin SV and became the 11th largest coin with the market capitalization of $1.27M. The digital asset gained over 5% in recent 25 hours and nearly 15% in the past seven days. The impressive results make it one of the best performing cryptocurrencies out of top-20, along with Stellar and NEM.

The announcement that Cardano Foundation has become a founding member of the International Association for Trusted Blockchain Application (INATBA) might have catalyzed the price increase. INATBA will promote blockchain technology and cryptocurrency adoption in Europe.

Also, Charles Hoskinson, Cardano’s founder, posted Cardano engraved Ledger wallet, stating that he had received the first device that supports ADA coins. Ledger announced Cardano integration at the beginning of February.

Cardano’s technical picture

The coin has been growing steadily since December 15. ADA/USD bottomed out at $0.0273 and gained 73% since that time. Currently, ADA/USD is changing hands at $0.0485. The strong support is created by DMA50 at $0.0421, followed by psychological $0.0400. In the upside, the local resistance is seen at $0.0500 with the recent high registered at $0.0505. Once it is cleared, then the upside will gain traction with the next aim at $0.06.

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Cardano [ADA]

Cardano (ADA) Price Analysis: Upsurge Could Continue Above $0.0530

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  • ADA price started a strong rise from the $0.0450 support area against the US Dollar.
  • The price is currently gaining momentum above $0.0500 and it could continue to rise in the near term.
  • There is a strong support forming near $0.0475 and a bullish trend line on the 4-hours chart (data feed via Kraken).
  • The price is likely to rally sharply if it breaks the $0.0525 and $0.0530 resistance levels.

Cardano price is gaining bullish momentum against the US Dollar and bitcoin. ADA price could continue to grind higher towards the $0.0530 and $0.0550 levels.

Cardano Price Analysis

Recently, cardano price formed a decent support base near the $0.0450 level against the US Dollar. As a result, the ADA/USD pair started a decent recovery and climbed above the $0.0465 and $0.0475 resistance levels. The recent rise was such that the price settled above the $0.0500 level and the 55 simple moving average (4-hours). Finally, it broke the $0.0510 level and tested the $0.0515 resistance level.

The recent high was formed near $0.0514 and the price is currently showing a lot of positive signs. An immediate support is near the $0.0500 level. Moreover, the 23.6% Fibonacci retracement level of the recent rise from the $0.0457 low to $0.0514 high is also near the $0.0500 level. If there is an extended downside correction, the price could test the $0.0475 support area.

An intermediate support is near the 50% Fibonacci retracement level of the recent rise from the $0.0457 low to $0.0514 high at $0.0486. However, it seems like there is a strong support forming near $0.0475 and a bullish trend line on the 4-hours chart. Therefore, the price remains well supported near the $0.0485 and $0.0475 levels if there is a downside correction.

On the upside, the main resistance is near the $0.0525 and $0.0530 levels. A successful break above the $0.0530 resistance could start a strong upward move towards the $0.0550 level. Any further gains may perhaps push the price towards the $0.0600 resistance area in the coming sessions.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is gaining momentum above $0.0500 and it could continue to rise in the near term. However, the bulls might struggle to push the price above the $0.0525 and $0.0530 resistance levels. If they succeed, it could start another strong rise towards the $0.0600 level. On the downside, there are many supports near $0.0485 and $0.0475.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently climbing higher and is approaching the overbought zone.

Key Support Levels – $0.0485 and $0.0475.

Key Resistance Levels – $0.0525 and $0.0530.

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Cardano [ADA]

Cardano Fails to Retain its Fort; May Seek the Support at $0.045 Soon

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  • Cardano loses 0.5% in the last 24 hours.
  • The next support for Cardano may come at 0.045 USD.

Cardano could not stand the heavy pressure exerted from the market and lost almost half a percent in the last one day. It is now roaming around 0.047 USD. The three price swings of Cardano had a trading range between 0.047 USD and 0.045 USD.

ADA to USD Price Analysis:

Cardano Price
Cardano Chart By TradingView

Cardano’s first swing started around 01:54 UTC and in the next 11 hours and 9 minutes, it lost 4.31% and got placed at 0.045663 USD, the lowest of the day. Later, it got strengthened by 3.96% and made it to trade around 0.0474666 USD by 21:38 UTC. Later it started falling towards the closing of the day. Between 21:38 UTC and 04:58 UTC, it cut 1.04% to touch 0.046973 USD. This fall had a break at 0.046882 USD.

Cardano Price Prediction:

Cardano has started the price correction process like all other coins and in the next few days, it may have to suffer more. The next support may come at 0.045 USD. However, the medium-term of Cardano is likely to be bullish.

Cardano (ADA)Resistance & Support Levels
1st Resistance$0.047
2nd Resistance$0.048
3rd Resistance$0.049
1st Support Level$0.046
2nd Support Level$0.045
3rd Support Level$0.044

Source.cryptonewsz

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Cardano [ADA]

Cardano (ADA) Price Approaches Key Technical Resistance as Bulls Try to Take Over

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Technically, the 11th most significant cryptocurrency is signaling to go down shortly.

  • Cardano’s price is rising to a crucial resistance level at $0.049 and at the same time approaching the upper boundary of the channel
  • The ADA/USD pair may go bearish if the $0.0433 level could no longer hold as critical technical support for the market

The 11th largest cryptocurrency by market cap, Cardano’s price is currently up by +1.27% in the last few hours of trading, although the market saw a slight drop of about 0.27% yesterday.

Lifting from $0.043 area on August 29, Cardano (ADA) had recorded a monthly high at $0.048. The price movement is now caught in a channel pattern on the 4-hour time frame. If Bitcoin remains in a consolidation mode for a while, we can expect the bullish trend to continue in a short-term.

Cardano’s Current Statistics

Trading Price: $0.047

Market Capitalization: $1,227,905,045

Trading Volume: $43,232,624

Key resistance levels: $0.0471, $0.048, $0.049

Key support levels: $0.0462, $0.045, $0.0444

Cardano (ADA) Price Prediction for September 16, 2019

Cardano is following a short-term bullish trend, making the price to trade around $0.47 at the moment. Now, it appears that the market is about attempting a pullback, although the buyers are still gaining control of the market. We can expect the market to sell to close supports at $0.0462, $0.045, and $0.0444 if a pullback occurs.

Cardano ADA technical price analysis chart
ADA/USD, 4H Price Chart – September 16, 2019

If the mentioned supports fail to play out, Cardano will continue to climb back to$0.0471, $0.048 and $0.049 resistance. But as it is now, the bears appeared to be looking for lower price levels. Considering long-term outlook for this market, ADA/USD is still reflecting a dominant bearish bias.

Conclusively

As we can see, Cardano (ADA) is trading inside a channel pattern, which suggests a bullish trend. But the pattern formation is mostly followed by a bearish breakout. If the breakout occurs, the ADA/USD pair will continue its long-term bearish move.

Technical Indicator Reading

The RSI for Cardano is showing a bullish moment after crossing up the 50 level, which means the buyers are still active in the market.

The Stochastic is conversely bullish but hovering around the upper limit for the past two days. This shows that the bulls are getting weak as the price may fall shortly.

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