ADA/USD – Bulls Continue To Defend April Support At $1.15

Key Support Levels: $1.15, $1.07, $1.00.
Key Resistance Levels: $1.25, $1.38, $1.48.

Cardano has been holding the support at $1.15 for the past fortnight of trading. Before this, it rebounded from a rising trend line at around $1.05 as it started to push higher to break above the current $1.15 support.

This week, ADA did manage to push upward as it reached as high as $1.35. However, the cryptocurrency could not sustain these highs and failed to close a daily candle above $1.25. From there, it dropped yesterday to return to the $1.15 support.

adausd-apr8
ADA/USD Daily Chart. Source: TradingView

ADA-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies at $1.25. This is followed by $1.38 (1.414 Fib Extension (1.414 Fib Extension & March resistance), $1.48 (ATH price), and $1.56 (1.414 Fib Extension – purple). Additional resistance lies at $1.625 (1.272 Fib Extension) and $1.69 (1.414 Fib Extension – red).

Read Also:   Bitcoin Creator Satoshi Nakamoto Left Clues to Unlocking His Billion-Dollar Bitcoin Crypto Fortune, According to This New Theory

On the other side, the first support lies at $1.15. This is followed by the rising trend line, $1.07 (.382 Fib & 50-day EMA), $1.00, and $0.946 (.5 Fib).

The RSI is still sitting along the midline and has been here for the past fortnight. This indicates indecision within the market as the participants cannot decide which direction to head toward next. For a push toward the March highs, the RSI must start to rise to indicate bullish strength within the market.

ADA/BTC – Consolidation Pattern Approaches Apex

Key Support Levels: 2100 SAT, 2000 SAT, 1800 SAT.
Key Resistance Levels: 2295 SAT, 2455 SAT, 2645 SAT.

Against Bitcoin, ADA continues to trade inside a symmetrical triangle pattern that was established during March. The coin has remained above the 2000 SAT support during April and recently managed to surge as high as 2295 SAT. However, it could not close a daily candle above the triangle’s upper angle and has since returned to the 20-day EMA at around 2100 SAT.

Read Also:   Ethereum Daily Fees at $50 Million as Gas Hits Another High

The coin approaches the triangle’s apex, where the market can still expect a breakout in either direction. The breakout direction of the triangle will dictate the next trend for ADA.

adabtc-apr8
ADA/BTC Daily Chart. Source: TradingView

ADA-BTC Short Term Price Prediction

Looking ahead, if the bulls break the upper boundary of the triangle, the first level of resistance lies at 2295 SAT. This is followed by 2455 SAT (July 2018 High-Day close), 2645 SAT (bearish .618 Fib), and 2800 SAT.

On the other side, the first support lies at 2100 SAT (20-day EMA). Beneath this, support lies at the lower boundary of the triangle, 2000 SAT (50-day EMA), 1800 SAT (.618 Fib), and 1600 SAT (July 2020 High).

The RSI is also trading near the midline but is slightly above the level. This indicates weak bullish momentum within the market. If the RSI can begin to rise, the increased bullish momentum should allow the coin to break above the triangle.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

Read Also:   Bakkt Becomes the 29th Crypto Company to Receive BitLicense Approval by NYDFS

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


ADA Bulls Tap $1.2 Following Yesterday's Market-Wide Pullback

by Steven Willis
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format