Nothing is to be taken in this article as investment advice. As a result of this information, neither the author nor the publication assumes any responsibility or liability for any investment, profit, or loss you may incur.
Cardano appears to be positioning himself for a breakout soon, as ADA’s price continues to consolidate within a bumpy upward triangle.
ADA buyers have managed to drive the price up over 26% over the past 7 days from a low of $0.073 to $0.093. Almost double the trading volume. Earlier in the month, a Weiss Ratings tweet that hyped up the upcoming launch of Shelley Testnet seems to have catalyzed this latest wave of support.
Cardano’s ‘official venture arm,’ Emurgo, replied to Weiss Ratings’ post. Adding that ADA stakes would have to wait another 3-4 months before the wider community gets the full functionality available.
IOHK’s co-founder Charles Hoskinson had previously hoped the Shelley would be ready by the end of Q1. But the upgrade proved to be more difficult to carry out than anticipated.
Cardano Market Research
On the 1D ADA / USDT chart, is on its way to $0.094 in return for the ascending triangle resistance. On two previous occasions, this particular amount has kept down the price action and poses a big obstacle for bullish traders in the short term.
If bullish traders on the daily chart can close above that level, we should expect the ADA price to rise beyond the psychological level of $0.10. However, if bears successfully protect the $0.094 resistance for a third time, then we might see candles dropping back on the solid up-trending support below before bulls have a chance to fight back.
The 0.236 Fibonacci level at $0.085 has been a critical support for ADA today. Despite intensified selling pressure during this morning’s Asian trading session threatening to force the market action below $0.08. If bulls can hold on to this level, we could see bears beginning to weaken and give up the above resistance.
The RSI indicator line has followed a strong uptrend over the last 20 days. It shows that bullish momentum continues to grow behind the asset. This could help produce a breakout in the near future. The line of indicators starts dropping through the up-trending point; it could be an early warning that ADA’s uptrend is about to reverse.
The 12-MA, on the MACD, is still high above the 26-MA. But it appears that purchasing intensity on the histogram is waning. This is presumably because of the brief bearish correction we’ve seen this morning. It does not actually mean that Cardano is losing momentum.
Cardano ADA Strives for demand
All ROIs are calculated at $0.088 (AToW), from the current value of the asset.
PT1: $0.094 (6.82%)
PT2: $0.100 (13.64%)
PT3: $0.106 (20.45%)