TRENDING:
ADP Report
US midterms
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Cardano Price Analysis: ADA/USD defies gravity with over 17% price increase

  • Cardano (ADA) has been gaining ground after the news about Shelly upgrade.
  • ADA/USD has gained over 17% amid strong bullish rally.
Cardano Price Analysis: ADA/USD defies gravity with over 17% price increase
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Cardano (ADA) catapulted to $0.1550 during early Asian hours and retreated to $0.1537 by press time. The coin has gained over 17% in the recent 24 hours and over 23% on a week-on-week basis. Cardano's market value catapulted to $3.95 billion, while its average daily trading volume is registered at $735 million. The coin takes the sixth position in the global cryptocurrency market rating.

As the FXStreet previously reported, Cardano team initiated the process of Shelly update, which might have served as a trigger for the strong price increase.

ADA/USD: Technical picture

On the daily chart, ADA/USD is moving within a sharp bullish trend. The RSI has flattened, though it is still on the overbought territory. The local support is created by a psychological $0.1500. Once it is broken, the sell-off may be extended to $0.1430 (the upper line of the daily Bollinger Band). The next support comes at $0.1386-$0.1350 area, which includes the upper boundary of the previous consolidation channel. 

On the upside,  a sustainable move above the intraday high of $0.1550 will take the coin to uncharted territory with the next resistance at $0.1600. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.1700.

ADA/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple ticks higher as selling pressure eases amid whale net outflows

Ripple ticks higher as selling pressure eases amid whale net outflows

Ripple edges higher near $1.30 on Wednesday, building on a broader crypto market recovery wave. The uptick comes amid the US midterm elections, in which the Democratic Party has clinched victory in the Senate and is on track to gain control of Congress.

Crypto Today: Bitcoin, Ethereum, XRP extend advance as US Dollar slides on Democrats' US midterm victory

Crypto Today: Bitcoin, Ethereum, XRP extend advance as US Dollar slides on Democrats' US midterm victory

Bitcoin trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum mirrors BTC’s recovery outlook, hovering above $2,300. Ripple similarly exchanges hands above $1.28, marking two consecutive days of gains.

Pi Network Price Forecast: Bullish breakout hopes fade as PI approaches record lows

Pi Network Price Forecast: Bullish breakout hopes fade as PI approaches record lows

Pi Network (PI) is trading in the red on Wednesday, hovering around $0.0755, with a downside risk toward the $0.0704 record low. The retail activity in the derivatives market declines as PI futures Open Interest plunges to nearly $7.50 million.

US midterm elections set up a potential volatility shock for BTC

US midterm elections set up a potential volatility shock for BTC

Bitcoin holds above the key 200-day EMA but remains capped by the 100-day EMA, with a breakout in either direction likely to determine its next directional bias. Analysts remain bullish on BTC but expect a significant price swing in either direction, favoring volatility-based strategies over directional bets.

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.