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.

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)
$0.059554
-0.52%

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.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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