|

Cardano Market Update: ADA/USD breakout from trendline support draws nearer to $0.1

  • Cardano renews the bullish trend, taking the fight back to $0.08 in a bid to overcome the seller congestion at $0.1.
  • ADA/USD is in the hands of the buyers as observed with both the RSI and the MACD.

Cardano continues to be one of the most active cryptocurrencies among the top 100. ADA/USD led crypto recovery last week to the extent of testing the critical $0.08. Although there was a brief break above $0.08, a reversal ensued leading to the retest of the support at $0.07. At the time of writing, ADA/USD has recovered to $0.0779, adding more than 1% to its value in a span of five minutes.

Looking at the applied technical pictures, ADA is poised for more action on Monday. It is probable that the European session will be characterized by increased buying activities. The RSI, for example, is settling in the overbought region (in the 4-hour range). Moreover, the MACD suggests the prevailing trending is fully in favor of the bulls. A wide bullish divergence above the MACD clearly shows that bulls are in control.

Since $0.08 has already been broken through before, another break is possible. It is apparent that a second break would pave the way for gains towards the coveted $0.1. Investors continue to take their positions to ensure that a highly anticipated rally due to the upcoming Shelly upgrade does not bypass them.

ADA/USD 4-hour chart

ADA/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

XRP slides amid a fragile crypto market structure
Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.
Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks
Bitcoin (BTC) remains under pressure, trading below $78,200 at the time of writing on Thursday after declining nearly 3% so far this week. Weakening institutional demand, along with escalating geopolitical tensions between the US and Iran near the Strait of Hormuz, continues to dampen risk appetite and weigh on the Crypto King. Institutional demand for Bitcoin shows early signs of caution.
Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses
Ripple (XRP), Solana (SOL), and Cardano (ADA) struggle to extend last month's advance, pointing to moderating buying pressure. The technical outlook for XRP, SOL, and ADA suggests a mild near-term bearish bias as momentum weakens. Ripple trades around $1.3800 at press time on Thursday, extending losses after a bearish close the previous day.
Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds
Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.
Cardano Market Update: ADA/USD breakout from trendline support draws nearer to $0.1