Cardano Technical Analysis: ADA/USD massive 12% pump to hit a new 2020-high at $0.095
- ADA/USD is up around 12% from a low of $0.082.
- Cardano has hit a new 2020-high at $0.095 and it’s eying up $0.1.
Cardano was trading sideways for the past two weeks after a healthy consolidation. The first bull rally happened from May 28 to June 4 hitting $0.09 before starting to pullback. Cardano dropped to $0.069 but was able to defend the daily 26-EMA for the entire period.
ADA/USD daily chart
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The massive bull break to $0.095 slammed through several daily resistances, the first one at $0.087 followed by $0.09 psychological level and $0.0903, the last 2020-high. Bulls are not facing a lot of opposition until $0.105 and are comfortably above the daily 12-EMA at $0.083.
ADA/USD 4-hour chart
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It’s important to check if the bull move gets any continuation. In the case of Cardano, it did, the first 4-hour candlestick took ADA above $0.09 before a brief pullback to $0.089 followed by the current move to $0.095.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
