After months of high volatility, most Altcoins intraday price movements have been more subdued in the past couple of weeks. However, we see crypto assets establishing a solid base for a potentially explosive rally as we move further in the final quarter of 2020. Cardano (ADA) is a smart contract platform focused on peer-review and scientific study, marketed as a third-generation blockchain. ADA has been in a short term range trading for the last 13 days after correcting from recent highs of September 1 at $0.128 to a low of $0.085. ADA/USD has attempted to break lower from the $0.085 zone but the bearish rejection came strongly to establish firm support. As price established a new higher high ADA/USD consolidates within $0.085-$0.100. The market cap is ranked 12th on the Coinmarketcap table and currently stands at $2.79 billion, with $951 million in trade volume over the past 24 hours. Cardano (ADA) has remained flat in price and is currently trading at around $0.090, with a price drop of 3.5% against the dollar. IOHK, the tech firm behind Cardano (ADA) launches a $250k Cardano fund to support developers to help publish the network’s decentralization further and attract entrepreneurs to its ecosystem.
*ADA/USD has attempted to break lower from the $0.085 zone but the bearish rejection came strongly to establish a firm support
*As price established a new higher high ADA/USD consolidates within $0.085-$0.100
*IOHK, the tech firm behind Cardano (ADA) launches $250k Cardano fund to support developers
Key Levels
Resistance levels: $0.125, 0.115, $0.100
Support Levels: $0.085, $0.075, $0.062
ADA/USD Daily ChartADA/USD slipped below $0.090 following the rejection from the key horizontal barrier at $0.100 earlier in the week. Bulls will now look to set a new higher low and possibly continue with the range trading between the $0.085 and $0.100 levels. ADA/USD is trading at $0.090 but attempted to crack beneath the $0.090 again unsuccessfully.
ADA’s daily chart is looking more of consolidation now that the price established a higher low and a higher high. The RSI is also trading in a straight line, but the ascending trendline support from mid-April is acting as a strong support level. Unfortunately, even if the bulls can push ADA towards $0.010, the colossal resistance cluster at that level will most likely push it back down.
ADA/USD 4-Hour ChartCardano is starting to consolidate beneath the 4 hour MA 50, as traders await the next major directional move. A break under the $0.090 level could see the ADA/USD pair testing towards the $0.085 region. To the upside, a sustained breakout above the $0.095 level exposes further upside towards the $0.100 resistance area.
From a technical perspective, as long as Cardano closes Friday’s daily candle above $0.090 it will confirm that short-term momentum is favoring the upside. The ADA/USD pair is only bullish while trading above the $0.110 level, key resistance is found at the $0.115 and the $0.125 levels. If the ADA/USD pair trades below the $0.090 level, sellers may test the $0.085 and $0.075 levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
