TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run
August 13 2022 - 8:00AM
NEWSBTC
The price of Cardano (ADA) has shown bullish signs and could be set
for a major run against Tether (USDT) after bouncing from key
support. Ethereum price rallied with so much strength from a region
of $1,670 to $2,000 ahead of Ethereum merge. This has brought
relief bounces for many altcoins, including the price of Cardano
(ADA). Related Reading: Cardano Price Sits Pretty At $0.5, Why A
Breakout Is On The Horizon Ethereum merge is an upgrade on the
Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS)
so as to increase its network efficiency in transactions. (Data
feeds from Binance) Price Of Cardano (ADA) Weekly Chart Analysis
From the chart, the price of ADA saw a weekly low of around $0.4,
which bounced from that area and rallied to a price of $0.55. The
price has built more momentum as it faces resistance at $0.66. If
the price of ADA on the weekly chart continues with this bullish
structure, it could quickly revisit $0.66 and trend higher to
$0.75. Weekly resistance for the price of ADA – $0.66. Weekly
support for the price of ADA – $0.45. Price Analysis Of ADA On The
Daily (1D) Chart The price of ADA found strong support at around
$0.45, with what seems to be an area of interest on the daily
chart. ADA bounced from its support and has rallied as it faces
resistance at $0.63. The price of ADA has continued to range in a
channel; breaking out of this channel could send the price of ADA
to the resistance at $0.63. At the point of writing, the price of
ADA is at $0.55, above the 50 Exponential Moving Average (EMA) with
a price of $0.5. If the price of ADA holds the support of $0.5
successfully, we could see the price trending higher. If the price
of ADA gets rejected, $0.5, which corresponds with 50 EMA, will be
good support for buys. The Relative Strength Index (RSI) for the
price of ADA on the daily chart is above 65, indicating healthy buy
bids for ADA. The volume for ADA indicates buy bids, this shows
bulls would want to push the price higher. Daily (1D) resistance
for ADA price – $0.66. Daily (1D) support for ADA price – $0.5.
Price Analysis OF ADA On The Four-Hourly (4H) Chart The price of
ADA has continued to maintain its bullish structure after a
successful break above the ranging channel. ADA is trading
above the 50 and 200 EMA with prices of $0.52 and $0.5 acting as
its support on the 4H chart, should the price of ADA gets rejected
due to the weekend sell-off. If the price of ADA holds above the
support of 0.52 with the good volume, we could see prices trending
to $0.66. In case ADA experiences a sell-off, 50 and 200 EMA prices
would act as support for ADA prices. Four-Hourly (4H) resistance
for ADA price – $0.66. Four-Hourly (4H) support for ADA price –
$0.52, $0.50. Related Reading: TA – Harmony (ONE) Price Shows
Bullish Signs – Eyes $0.04 Featured image from NewsBTC, Charts from
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