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Cardano Turning Bearish: Technical Analysis of ADA/USD - Global Coin Report
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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

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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crypto trends
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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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