Aaryamann Shrivastava
FXStreet
- Cardano price is trading at $0.399, maintaining its macro uptrend that began mid-January.
- The bullish outcome of this situation is expected to draw more traders towards ADA and push the price up.
- In the unfortunate event of bearishness taking precedence on the asset, the altcoin could fall to $0.325 and invalidate the bullish thesis.
Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend, while on the macro scale, seems to be intact, with ADA potentially heading toward $0.45, the short terms conditions might differ.
Cardano price still got it
Cardano price, despite the broader market receding into bearishness, managed to paint green, rising by nearly 6% in the span of three days. Trading at the price of $0.4 at the time of writing, ADA seems to be inching closer to clearing its next major hurdle.
For Cardano price to keep up with the ongoing rally, buyers would have to pump the price up by maintaining their conviction. This would allow ADA to breach the immediate resistance at $0.402 and prepare to do the same with the critical resistance at $0.428.
Once $0.428 is flipped into a support floor, the altcoin will be on its way to recover 4-month old losses.
Although the Moving Average Convergence Divergence (MACD) indicator is pointing in a slightly different, possibly bearish direction. The signal line (red) and the MACD line are currently in line with each other.
ADA/USD 1-day chart
However, if the signal line takes over the MACD line to establish a bearish crossover, ADA could end up in trouble.
Cardano price would lose its immediate support to fall to $0.344. The altcoin would have an opportunity to bounce off this level and reinitiate recovery.
However, failing to keep above it could result in the cryptocurrency slipping to the critical support at $0.325. A daily candlestick close below this level would invalidate the bullish thesis, pushing the price to $0.308.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum whales turn bullish with Shanghai upgrade less than a month away
Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors.
Ripple price to close the week with a bang as next week will be crucial for another 20% profit
Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?
Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.
Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?
Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.