On June 4, 2019, the Cardano price (ADA) reached an hourly high of $0.88. A rapid decrease ensued and the price made lows of $0.82 the same day. A gradual increase was followed by a decrease. On June 10, the price made a low of $0.076.
Since then, the Cardano price has been increasing.
Will it reach highs above $0.1 again? Let’s find out! (For our previous analysis, click here)
Cardano Price (ADA): Trends and Highlights for June 11, 2019
- Cardano reached a high on June 4.
- It is trading inside a descending channel.
- The 10- and 20-hour moving averages have made a bearish cross.
- The 10- and 20-day moving averages have made a bearish cross.
- There is support near $0.074.
Cardano’s current pattern has been traced using the one-hour price of ADA/USD on Binance from June 4 to June 11.
On June 4, the Cardano price (ADA) reached an hourly high of $0.088. A rapid decrease began and the price made a low of $0.082 during the same day.
Since then, the price has been trading inside the descending channel outlined below:
On June 7, the Cardano price (ADA) reached the resistance line of the channel before beginning a downward move towards the support line.
On June 11, it again reached the resistance line.
Will it begin another decrease towards the support line? Let’s look at technical indicators and find out
The Cardano price (ADA) is analyzed alongside the 10- and 20- period moving averages (MA) in an hourly time-frame (first graph) and daily time-frame (second graph)
On June 11, the 10-period MA crossed below the 20-period one. This is known as a bearish cross and is often an indication that a downtrend has begun. However, as seen by the numerous bearish/bullish crosses inside the channel, it is a relatively short-term indicator.
However, the same has occurred in a daily time-frame:
On June 10, the 10-day MA crossed below the 20-day one. Both MAs had previously offered resistance to the Cardano price (ADA) since June 3. An unsuccessful attempt at a breakout was made on July 7. Afterward, the price has been facing very close resistance from the 10-day MA.
The use of these indicators supports a price decrease towards the support line of the channel.
Cardano Price (ADA): Reversal Areas
One support area is traced for ADA/USD below:
The closest support area is found near $0.074. If the price continues to decrease at the rate predicted by the channel, it is likely to reach this area on June 18. According to the technical indicators, this is likely to occur.
Based on our analysis, the Cardano price (ADA) will likely reach the support line of the short-term channel. A breakdown from the channel is possible. It is likely that the price will reach the support area outlined above.
Cardano (ADA) Price Analysis: Upsurge Could Continue Above $0.0530
- 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.
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.
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.
Cardano Fails to Retain its Fort; May Seek the Support at $0.045 Soon
- 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’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 Support Level||$0.046|
|2nd Support Level||$0.045|
|3rd Support Level||$0.044|
Cardano (ADA) Price Approaches Key Technical Resistance as Bulls Try to Take Over
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.
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.
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.