ADA/USD Journey To $0.2 Begins

  • Cardano begins the transition to the Shelly mainnet as the price skyrockets above $0.10.
  • ADA/USD bulls fight for support above $0.12 in order to avert losses under $0.10.

Cardano, the eighth-largest cryptocurrency by market capitalization is flying the bullish flag above the cryptocurrency landscape. Over the last six weeks, the digital asset has been a focal point for the investors. ADA/USD has performed incredibly well from the lows recorded in March under $0.0200. The progress made over the weeks is attributed to the development of the platform including the launch of a new protocol referred to as Shelly.

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TRead more: Cardano Takes A Leap Into The Shelley Era; Releases Hardfork Combinator

ADA/USD price not only broke above the coveted $0.1 but also broke a two-year high as it closed in on $0.15. A new yearly high has been formed at $0.1410 (also the Fibo swing high). At the time of writing, a minor retreat has seen the price adjust to $0.1211 (market value). The dominant momentum at the moment is bearish as investors rush to take profit.

The downward momentum is highlighted by the Relative Strength Index (RSI) currently pointing south. If the RSI manages to hold above the midline, a consolidation could come into play and allow the bulls to stage another attack on $0.14 and $0.15.

Related content: Cardano Price Analysis: ADA/USD Mooning To $0.1 As Bitcoin Consolidates Under $10,000

ADA/USD daily chart

7:19 AM

ADA/USD price chart
ADA/USD price chart by Tradingview

The Moving Average Convergence Divergence MACD), on the other hand, hints that buying pressure is still present. The indicator is settled in the positive region and unlike the RSI, it is still moving upwards. Moreover, a bullish divergence above the MACD points towards a stronger bullish picture, likely to take down the resistances at $0.14 and $0.15 and in readiness for a run-up towards $0.20.

In case the reversal persists, support is anticipated at $0.10, the 61.8% Fibonacci level, the ascending trendline and the main buyer congestion zone at $0.0800.

Cardano Key Intraday Levels

Spot rate: $0.1211

Trend: Bearish

Volatility: Expanding

Resistance: $0.14 and $0.15

Support: $0.10, the 61.8% Fibo and $0.0800

To get the daily price analysis, Follow us on TradingView

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