Cardano (ADA) was trading around $0.095 by 10:00 UTC on the crypto exchange Binance on Wednesday, up 8.52 percent since the Asian market opened, marking the asset’s most towering one-day performance since May 15.
The upward price action pushed ADA’s market capitalization to $2.412 billion, or 0.95 percent of the global cryptocurrency market valuation. At its prime, ADA’s net assessment was $29.948 billion, per the data provided by CoinMarketCap.com.
Cardano (ADA) Records 24% Gains in Last 4 Days | Image Credits: TradingView.com
The past 24 hours witnessed the ADA/USD instrument rising by close to 11 percent — from $0.084 to $0.093. Measure from an intraday top of $0.095, the pair surged by more than 24 percent in the last four days alone, posting daily sessions in green consecutively. In contrast, other leading cryptocurrencies such as Bitcoin and Ethereum showcased a weaker upside momentum.
Shelly, Coinbase Listing Behind Latest Moves?
The Cardano price rise follows a fresh wave of buying sentiment arising from optimistic market fundamentals. The Cardano team last month stated that it is working on Shelly, a core update which proposes to strengthen their blockchain’s prospects of decentralization. The new version reportedly employs a proof-of-stake consensus algorithm that governs individual nodes.
It is not clear whether or not Shelly played an active role in prompting traders to buy ADA. But traders on social media admitted that they were exchanging hands to ADA ahead of Shell’s testnet on June 15. A Twitterati, for instance, said he converted his “XRP bag to ADA for Cardano.”
“Now in a dilemma on what to do.” the Twitterati added. “Convert back to LTC or back to XRP after Shelly launch.“
If Shell’s testnet launch was not convincing enough, the rumors of Coinbase, a San Francisco-based cryptocurrency exchange, listing ADA-enabled pairs certainly improved the asset’s bullish bias. Seeking Alpha reported in their May article that investor sentiment has turned long on ADA ever since Coinbase hinted that it would integrate the cryptocurrency. The website noted:
“If it [Coinbase] lists it, ADA will be exposed to over 20 million cryptocurrency traders on Coinbase. With Coinbase having a clean security certificate and with insurance on its coins, having Cardano on the platform is an extra mile towards adoption and price appreciation.”
From the technical perspective, the ADA/BTC today broke above the resistance of a near-term trading range — a symmetrical triangle as presented by cryptocurrency YouTuber Quiten Francois.
ADA/BTC Breaks above Interim Symmetrical Triangle | Image Credits: Quinten Francois
“ADA is breaking out of its triangle,” said Francois. “A lot of other [altcoins] has the same setup. If Cardano confirms here, others will follow.”
A more sideways or bearish bitcoin, therefore, could signal an extended ballooning of the ADA market. As of now, the ADA/BTC instrument is looking to test 1,134 sats as its next bullish target, according to historical reversal levels presented in the chart above. If 1,134 is beaten, then ADA would extend its bias towards 1,213 and 1,297 sats — one after another.
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.