• Cardano price may close with a bullish outside day after identifying support at the 61.8% Fibonacci retracement at $1.90.
  • ADA daily Relative Strength Index (RSI) records the third-highest reading since 2017 at 88.76.
  • Coin Cloud adds ADA to their digital currency machine platform, joining more than 30 other digital currencies.

Cardano price rallied over 50% last week, carrying ADA to within 10% of the all-time high of $2.51. Since February, it was the best weekly performance and repositioned the cryptocurrency as a new target for speculators moving forward.

Coin Cloud bolsters platform with the fourth-largest cryptocurrency

Coin Cloud, the biggest two-way digital currency machine (DCM) operator in the United States and Brazil, announced that it is adding Cardano (ADA), SushiSwap (SUSHI), Celsius (CEL) and 1inch (1INCH) to their DCM platform. The digital currencies will be available at more than 3,000 locations across the United States and Brazil.

ADA joins a pool of over 30 top digital currencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), as well as various stablecoins and DeFi tokens. The inclusion of ADA means that Coin Cloud will be offering one of the most popular cryptocurrencies and creating new options for their clients, according to Chris McAlary, DEO of Coin Cloud.

Cardano and the other coins we've added have strong communities and are a perfect fit for our clients as we continue to give them new options within the crypto-space to get involved and expand their portfolio of coins.

The Coin Cloud two-way DCMs, with an easy-to-use interface, allow individuals to buy and sell virtual currencies across six different categories with cash or credit card and utilize the free Coin Cloud mobile wallet to store, buy and sell from anywhere in the world. 

Cardano price not waiting for Bitcoin as altcoin season erupts

Cardano price has struggled with the 2018 high of $1.40 for most of 2021, including failed breakout attempts in February, March and April. ADA did overcome the resistance in May, but it was short-lived as the digital token fell back below the level in June. Last week’s breakthrough has changed the price structure and offers a new opportunity.

Over the last three days, Cardano price has been consolidating the ramp higher, releasing the price compression that is a factor after registering the third-highest reading on the daily RSI. So far, the correction has secured support at the confluence of the 61.8% retracement of the May-July correction at $1.90, with a series of highs in late May and early June. The rebound today has the potential to close ADA with a bullish outside day on the bar charts, affirming the credibility of the support around $1.90 and the strength of the underlying bid for ADA.

A daily close above the August 14 high of $2.28 should release Cardano price for a quick test of the all-time high of $2.51 before being spirited into new highs. The primary targets for the breakout include the 141.4% extension of the May-July correction at $3.17 and the 161.8% extension of the same correction at $3.49. The 161.8% extension is close to the 261.8% extension of the 2018-2020 secular decline at $3.63, returning 59% to ADA investors from the August 14 high.

ADA/USD daily chart

ADA/USD daily chart

Suppose Cardano price is not successful in holding the $1.90 area. In that case, ADA could suffer a notable retracement of the recent rally due to a lack of credible support levels until the July 4 high of $1.49. 

Cardano price has benefitted from the re-emergence of altcoins and fundamental developments related to the Alonzo upgrade. The momentum now has ADA within striking distance of the all-time high and a new period of relative strength versus the broader cryptocurrency market.

Here, FXStreet's analysts evaluate where ADA could be heading next as it seems primed for new all-time highs.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally

Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally

Dogecoin (DOGE) is up 1% on Tuesday, as a recent analysis shows that its price is following similar patterns to top cryptocurrencies like Bitcoin, Ethereum, and Solana. 

More Dogecoin News

Ethereum set for new all-time high: Peter Brandt, Bitwise

Ethereum set for new all-time high: Peter Brandt, Bitwise

Ethereum is up nearly 2% on Tuesday following predictions from Bitwise chief investment officer Matt Hougan that ETH ETFs could help push ETH to a new all-time high above $5,000. Other predictions also align with Hougan's position.

More Ethereum News

Worldcoin rallies over 36% after announcing token unlock extension

Worldcoin rallies over 36% after announcing token unlock extension

Worldcoin announced the extension of WLD token unlocks for team members and investors from three to five years. Investors raised concerns about the rising supply of WLD, speculating a possible price manipulation. WLD is up more than 36% following the announcement.

More Worldcoin News

Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%

Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%

PEPE, a meme coin built on Ethereum, and based on a popular frog-themed meme has rallied in double digits on Tuesday. As crypto market participants await the SEC’s approval of a Spot Ethereum ETF, meme coins have started recovering from their decline.

More Pepe News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis