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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

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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ICO
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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Bitcoin crash
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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS
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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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