2021-8-31 21:15 |
Cardano (ADA) reached a new all-time high (ATH) price on Aug. 23 and is currently making an attempt at reaching yet another ATH.
It is following a short-term descending resistance line, a breakout from which could trigger an upward movement towards a new all-time high.
ADA reached new ATHADA has been moving upwards since July 20, when it was trading at a low of $1.02. So far, it has reached a high of $2.97, doing so on Aug. 23. This is also a new all-time high price.
The token initially generated bearish divergence (blue) and caused a drop in price. However, it has followed that up with hidden bullish divergence (green), a strong sign of trend continuation. In addition to this, the MACD is positive and increasing.
ADA is currently making another attempt at reaching a new all-time high. This week, it will test a new ERC-20 converter in its testnet, and event that could also have a positive effect in its price.
The next closest resistance area is at $3.34. This is the 1.61 external Fib retracement resistance level when measuring the most recent portion of the drop.
Chart By TradingView Future movementCryptocurrency trader @CryptoCapo_ outlined an ADA chart, stating that the token is facing short-term resistance at $2.65. It has to reclaim it in order to move upwards.
Source: TwitterSince the tweet, the token has reclaimed the area, which is now expected to act as support. However, ADA is also following a descending resistance line, in place since the aforementioned all-time high.
Nevertheless, the trend can be considered bullish as long as ADA is trading above the $2.55 support area.
In addition to this, the MACD is positive and the RSI is above 50, both signs of a short-term bullish trend.
Chart By TradingView Wave countThe wave count indicates that ADA is in wave five of a bullish impulse (white) that began on March 2020.
The most likely area for the top of the upward movement is between $3.39-$3.51. The target is created by the 1.61 external Fib retracement level (black) and by projecting the length of waves 1-3 to the bottom of wave four.
Chart By TradingViewFor BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
The post ADA Could Reach New All-Time High as Upgrade Rolls Out on Testnet appeared first on BeInCrypto.
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