Cardano (ADA) Price Moves Toward $0.20 as Cryptocurrency Market Gains Momentum

The cryptocurrency market has been having a bull run for the past few trading sessions and Cardano (ADA) is one of the coins on the forefront. The price of ADA was able to break the $0.1500 resistance level going further to break the $0.1700 resistance level as well. There was a crucial bullish trend line formed with support at $0.1600 and the ADA to USD trading pair will most likely hit $0.2000 soon. The price isn’t just surging against the USD but against Bitcoin and Ethereum as well. If the upside trend remains solid, the gains will increase.

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Cardano Price Analysis for July 18

Cardano took a minor dip and formed support near $0.1500. After this, the cryptocurrency moved higher breaking two resistances. One was at $0.1500 and one was at $0.1700. The buyers propelled the price above $0.1850 and pushed it as high as $0.1869. At the time of writing, the Cardano (ADA) to USD pair was consolidating below the $0.1850 level.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.092432
-19.2%

Recently, the price tested the 23.6% Fibonacci retracement level of the last rise from $0.1501 to $0.1869. The good thing is that the losses were capped near $0.1780 which acted as support. If Cardano (ADA) slides lower than this point, the cryptocurrency will reach the $0.1680 support soon. This support represents the 50% Fibonacci retracement level of the last wave from $0.1501 to $0.1869. The bulls have formed a trendline that has support at $0.1600 on the hourly chart. Buyers will be found around $0.1600, $0.1680, and $0.1780

Cardano (ADA) Technical Analysis

The technical charts show that the price will most likely move above $0.1850 to $0.1869. If this happens, there will be more gains according to the price analysis of Aayush Jindal from NewsBtc. Short-term, Cardano may find itself as high as $0.20.

The relative strength index for the Cardano to USD pair is around the overbought region and there are no signs of a downward correction. The MACD is in the bullish zone. The significant resistance level is at $0.1900 and the significant support level is at $0.1780.


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