Cardano (ADA) Targets $0.12 but Hasn’t Confirmed Upward Trend Yet

2020-10-16 22:30

The Cardano (ADA) price has been increasing since Sept 23. While the rise has been significant, the price has yet to move above a crucial resistance level.

Therefore, the current rally may be a retracement rather than the beginning of a new upward trend.

ADA Tests Resistance

The ADA price has been moving downwards since it reached a high of $0.154 on July 24. The price reached a local low of $0.075 on Sept 23. Afterward, the price began an upward move that is still ongoing.

On Oct 13, the price reached a high of $0.114. This was significant since it validated both the 0.5 Fib level of the entire fall ($0.115) and a descending resistance line drawn since the previous July 24 high.

The price was rejected and is currently trading between the resistance area/line and the minor $0.103 support area.

ADA Chart By TradingView

Technical indicators on the daily time-frame are bullish. All three of the MACD, RSI, and Stochastic Oscillator are increasing. In addition, there is no bearish divergence in place. The MACD has crossed into positive territory, and the Stochastic Oscillator has made a bullish cross.

Therefore, the most likely scenario would be a breakout and rally towards the next resistance area at $0.124.

ADA Chart By TradingView Wave Count

Cryptocurrency trader @Crypto618  outlined an ADA chart in which a rally towards $0.11 followed by a massive drop is projected.

Source: Twitter

In BeinCrypto’s Sept 28 analysis, it was stated that:

“The previously mentioned $0.125 resistance area also coincides with a descending resistance line drawn from the Jul, 24 high. So until the price successfully breaks out, the current move could be a correction rather than the beginning of a new upward trend.”

The price has since approached this area but has yet to move above it.

The move since the Sept 24 low resembles an A-B-C correction (shown in black below), in which the price is completing the C wave. If the A:C waves have a 1:1 ratio, the price would reach a high of $0.12045 before falling.

The sub-wave count for the C wave is shown in red below. The price appears only to have the fifth sub-wave to complete, after which a downward move is likely.

ADA Chart By TradingView

To conclude, the ADA price should rally towards $0.12 before falling once more.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Cardano (ADA) Targets $0.12 but Hasn’t Confirmed Upward Trend Yet appeared first on BeInCrypto.

origin »

Bitcoin price in Telegram @btc_price_every_hour

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.75 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 388.55 (-100%)

trend yet cardano upward price ada rally

Источник: beincrypto.com

trend yet → Результатов: 126


Фото:

As Jobless Claims Soar, Bitcoin’s Mid-Term Outlook Remains Gloomy

The United States has seen rocketing unemployment, and it does not appear that this trend is slowing down even as many states and cities begin reopening This signals that the recent shutdowns have done severe damage to the economy, despite the stock market sitting around its all-time highs New data shows that although the number of new jobless claims has dipped slightly in recent times, its decline has not yet been emblematic of any sort […]

2020-6-26 02:00


Bitcoin’s Multi-Month Bear Trend May Soon Change

One of the most prominent technical analysts in the crypto community believes that Bitcoin has yet to meet one last condition before it enters the next bull market.  The Path to a New Bull Run Peter Brandt, a 45-year trading veteran, recently expressed his views on the different factors that could lead Bitcoin to begin […] The post Bitcoin’s Multi-Month Bear Trend May Soon Change appeared first on Crypto Briefing.

2020-1-9 16:07


Фото:

Bitcoin ‘Wildcard’ Scenario Still Potentially On, But Not Yet

Popular YouTube cryptocurrency analyst, Alessio Rastani, yesterday posted a new vlog giving an update on his ‘wildcard’ scenario for Bitcoin. Had recent BTC price drops crushed it, and if so then what comes next? What’s The Wildcard Scenario? As Bitcoinist reported at the end of July, Rastani bucked the bullish trend at the time by proposing a contrarian ‘wildcard’ scenario for Bitcoin.

2019-12-23 14:00


Is Bitcoin’s Parabolic Trend Broken? Newsflash, the Real BTC Price Action It Hasn’t Even Begun Yet

Bitcoin stuck in $7,900 to $8,000, the “most accumulated” price range BTC price needs to break above $8,200, this will lead us over $8,700 Bitcoin 200 week moving average has started to grow at 5 percent per month Bitcoin has gotten stuck yet again just below $8,000. Since June started and we tumbled from $8,800 […]

2019-6-11 19:33


ZCash Price Prediction: Long-term (ZEC) Value Forecast – May 18

ZEC/USD market has surged higher northward to now relax around a price point at $80. Despite the bulls' current relaxation in the ZEC/USD trade, the market's upswing yet appears imminent. ZEC/USD Long-term Trend – Bullish Distribution territories: $90, $100, $110 Accumulation territories: $50, $40, $30 ZCash price valuation got mooning against the US dollar on […]

2019-5-18 13:23


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.