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Cardano Turning Bearish: Technical Analysis of ADA/USD

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Cardano
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The Cryptocurrency market has suffered ups and downs in the recent weeks with Cardano in particular, failing to gain momentum and declining heavily against both Bitcoin and the U.S. Dollar.  The majority of crypto analysts at large think that the ADA/USD pair, in particular, could continue to move down towards the $0.1300 mark. At the time of writing, (July 6th), Cardano was valued at $0.142949 USD and 0.00002195 BTC.

Major Points of Analysis for Cardano:

  1. The Cardano/US Dollar pair (ADA/USD) is trading in a bearish zone at the moment, reaching below the $0.1500 and $0.1450 Pivot Levels.
  2. ADA has failed to stay above the $0.1500 support mark, instead of declining sharply against the USD.
  3. According to Bittrex’s data feed, there was a slight break below a key bullish trend line. Support was at $0.1500 on the pair’s hourly chart.

Analysis of Price:

Major Support Level: $0.1350

Hourly MACD: Placed heavily in the Bearish Zone

Major Resistance Level: $0.1450

Hourly RSI: Moving lower; currently below the 40 mark.

Throughout the duration of the day, Cardano’s price attempted to move above the $0.1600 resistance mark against the U.S. Dollar. However, the ADA/USD pair dropped below $0.1550, having failed to gain momentum. A break experienced below the 23.6% Fib retracement level of the last wave from a low of $0.1132 to a high of $0.1607. As a result, further losses below the $0.1500 support mark were experienced.

Another major break occurred below a key bullish trend line with a $0.1500 support on the hourly ADA/USD chart.  At the moment, the pair is trading well below the $0.1450 support mark as well as the 100 hourly simple moving average. Immediate support can be found near the FIB retracement level of the aforementioned last wave at the $0.1370 mark.

A possibility or risk of more losses can be found towards the $0.1300 support level. Cardano is in a lot of pressure as its price could move towards the $0.1250 mark if further decline continues.

Chart courtesy of tradingview.com

As evidenced from the chart above, Cardano’s price settled below $0.1450. However, the broken support at $0.1450 might act as a resistance if there is an upside move.  Major hurdles from buyers still remain with the $0.1500 level as well as the 100 hourly Simple Moving Average.

Final Thoughts

Cardano holders got a sign of relief as after the highs experienced in the past few days. Crypto analysts largely agree that traders should buy on Cardano pull-backs with tight stops at the lows of 13 cents (July 2).

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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