Cardano (ADA) Price Analysis: The Value of Cardano Remains in an Upward Trend

cardano ada price

The value of Cardano (ADA) remains in an upward trend as it is moving nicely in a bullish area against Bitcoin and the U.S. dollar. The value of Cardano against the US dollar is likely to continue its upward movement once the present correction is over.

Price Analysis of Cardano (ADA)

There were strong gains in the value of Cardano (ADA) from the 19 cents swing low against the USD. The value of the digital currency increased higher and broke a lot of resistance levels such as 20 cents and 20.8 cents. More importantly, there was a significant break over a critical level of resistance at $0.215.

The value of the digital currency was as high as $0.228 before sellers came onboard. The digital currency is presently correcting lower and it has moved beneath the $0.225 mark. There was also a break beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $0.1996 to the high of $0.228.

SEE ALSO:   Monero price predictions 2018: Significant appreciation is possible I USD / XMR - Monero Price News today-Sat Jun 23

Nevertheless, there are lots of supports on the downward trend on the way up to the 20 cents mark. An initial support is at the $0.215 level, which was initially a resistance level and it is now a key support line. Below $0.215, the 50 percent Fibonacci retracement level of the previous swing from the low of $0.1966 to the high of $0.228 is close to $0.212.

Also, a major bullish trendline is forming with support at the $0.208 on the one-hour chart of ADA against the US dollar.

Cardano Hourly Chart

The hourly chart of the digital currency signals that the value may correct a couple of points in the short-term towards $0.2150 and $0.2080. When the correction is over, the digital currency is likely to continue its upward trend. On the other side, a break over the $0.228 level may pave way for more gains towards the 25 cents level.

SEE ALSO:   Dash (DAO) Price Analysis: What's Next For Dash (DAO) After April Low? Will Dash Keep Declining?
loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Dfinity raises over $61 million, rivals Ethereum (Dfinity Review: Dfinity vs Ethereum) - Cryptocurrency News Analysis-Sat Jun 23

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!