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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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