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Cardano Technical Analysis: ADA/USD sets a new 2020-high at $0.10

  • ADA/USD bull run continues and continues establishing new 2020-highs.
  • Cardano IOHK has partnered with Wave Financial Group to set up a development fund of $20 million. 
Cardano Technical Analysis: ADA/USD sets a new 2020-high at $0.10
Lorenzo StroeLorenzo StroeIndependent Analyst

Cardano continues with its bull run setting yet another 2020-high after getting rejected at $0.096 on July 2. ADA/USD was in consolidation mode after a massive move to $0.097 from $0.082 on the same day. The pullback didn’t last long and Cardano is back into bullish mode setting new highs again. 

ADA/USD daily chart

ADAUSD

Clearly the digital asset is in a strong uptrend, but will probably need to consolidate again considering that the daily RSI is quite overextended. Bulls can use the 12-EMA and the 26-EMA as support. Anything above $0.074 is just a higher low and a possible continuation of the current uptrend. 

ADA/USD 4-hour chart

ADAUSD

The 4-hour chart uptrend shows the bulls defending the 12-EMA before the key breakouts. Currently, ADA was rejected from $0.102 but the bears are not seeing a lot of continuation just yet. The 12-EMA at $0.094 will serve as support again if the pullback is extended. Anything above $0.087 is a higher low. 

Author

Lorenzo Stroe

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.

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