2019-6-13 16:45 |
Cardano has a bullish short-term trading outlook, with the cryptocurrency trading close to major resistance on the four-hour time frame The four-hour time frame is showing that a bearish head and shoulders pattern has been invalidated The daily time frame is showing the ADA / USD pair has cleared all forms of Ichimoku resistance
Fundamental Analysis
Cardano price is growing on the expectations of the Shelley release*. The update should bring decentralization to Cardano with 1000 staking pools and hand the control of the ledger over to the community. Besides that, Shelley will include such developments as consensus and incentive fees, quantum resistance, multisig transactions, enhanced wallet backend, light client mode, networking, paper wallets and more.
Cardano / USD Short-term price analysisCardano has a bullish short-term trading bias, with the cryptocurrency probing towards major technical resistance on the four-hour time horizon.
The four-hour time frame is showing that ADA / USD bulls have moved price above key Ichimoku resistance and are attempting to ignite a bullish inverted head and shoulders pattern.
Technical indicators on the four-hour time frame are bullish, although they are starting to appear overstretched.
ADA / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the initial upside target of the inverted head and shoulders pattern on the four-hour time frame is the August 6th, 2018 trading high.
Relative Strength Index
The RSI indicator remains bullish on the four-hour time frame, although it is starting to correct from overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish, although it is starting to appear overstretched.
Cardano / USD Medium-term price analysis
Cardano has a bullish medium-term trading outlook, with the cryptocurrency still holding towards the best levels of the year so far.
The daily time frame also shows that the ADA / USD pair is trading well above key Ichimoku resistance, with the neckline of the inverted head and shoulders pattern acting as the last remaining technical barrier for the cryptocurrency.
Technical indicators on the daily time frame are bullish and show scope for further upside.
ADA / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the daily time frame currently shows two large inverted head and shoulders patterns with sizeable upside targets.
Relative Strength Index
The RSI indicator has turned bullish on the daily time frame and highlights the growing upside pressure over the medium-term.
MACD Indicator
The MACD indicator on the daily time frame has turned bullish and is starting to issue a buy signal.
ConclusionCardano is applying pressure towards key neckline resistance on both time frames, with the cryptocurrency once again threatening a major bullish breakout.
Traders should expect a wave of technical buying interest in the ADA / USD pair if the much-anticipated technical breakout occurs.
*Image note – yes, we know Cardano’s update is named for Percy Shelley, a poet some commentators consider to have been imbued with considerably less talent than his wife Mary. But so what? In the end, Ozymandias was brought to naught. And while the same could be said for Dr. Frankenstein, at least his creation has a cool bolt through his neck and marched around with his arms held straight out in front of him. Boo-ya, Percy!
Check out our coin guide for the Cardano project.
Cardano also received the DARE treatment, a full analysis of its merits and challenges.
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