Cryptocurrency Cardano completes a phase of spectacular growth
ADA / BTC rate faced resistance at 1170 satoshi.
Daily RSI Provides Strong Bearish Divergence Signals.
ADA / USD is trading between resistance at $ 0.105 and support $ 0.072.
Cardano (ADA) has been on the rise since early April, but the uptrend has begun to show signs of weakness. The couple is probably already approaching his ceiling.
Long term schedule
ADA course since August 2019 years to April 2020 year was consolidated in district 500 satoshi, but then the price began to rise, and the pace of this growth everything more accelerated. Market broke the 50-week moving average (MA) and turned it into support for the week ending June 15.
Nearest region resistance is located in the 1170 satoshi area. Here the Fibo level of 0.5 retracement passes Total bearish move started in April 2019 of the year. Attainment this area seems to be quite possible as trading volumes have increased significantly since the start of the current bull run and the daily RSI is not signaling bearish divergence. However, we cannot say with certainty whether the price will succeed in making a successful bullish breakout of this resistance..
By what featured can predict the success or potential failure of an attempt to break through an important price level? Join us to discussions in our Telegram channel – and you will find out everything!
Popular cryptocurrency trader Nico (@CryptoNTez) suggested that course ADA can proceed growth in the direction of the 1100-1200 Satoshi area – that is, the very area of resistance that we designated above. However, he warned that gamblers should be careful as trading volumes are dwindling.
A similar target can be distinguished, if we will apply Elliott Wave Analysis and consider the five-wave structure present in graphics from the beginning of the price growth phase. For this we will equalize the heights of waves 3 and 5, which is an relatively common practice.
Although the 50- and 200-day MA already formed bullish intersection and the price is trading over with them, strong bearish divergence signals are noted on the daily RSI. This could be an indication that the current price move is nearing its end..
The fact that the current movement is losing momentum became especially noticeable against the background of yesterday’s Belt Hold candlestick pattern, which formed on the chart against the background of significantly lower trading volumes compared to several prior bullish candles.
ADA / USD
Analysis of the ADA / USD chart shows that the price traded between resistance at $ 0.105 and support at $ 0.072.
Technical indicators are very similar to the characteristics of the ADA /BTC. In time yesterday’s growth, trading volumes were significantly lower, and RSI gives strong bearish divergence signals on different timeframes.
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