Altcoins are still sustaining the momentum in their USD pairing as they begin to climb higher, while the flagship cryptocurrency BTC gears up for a second shot at $12,000. Cardano (ADA) continued to keep onto the edge, eager to switch, over $0.1400. Over the last 24 hours, the coin has risen nearly 1.5 percent. Cardano is the 8th largest digital asset, with $3.71 billion in current market value. ADA/USD is rising in value at the time of this writing at $0.1453, largely steady since the day’s start. Given its expected correction lower, ADA/USD price stays in range past $0.1400. Bitfinex adds Cardano (ADA) to the tradable assets list after Shelley update Success. The Cardano Foundation said that its native crypto-currency ADA will finally be listed on Bitfinex, the leading global exchange. The press release says ADA-based pairs will start trading later today, August 6. It will initiate three pairs of spot trading: ADA/BTC, ADA/USD, and ADA/USDT.
*ADA/USD is rising in value at the time of this writing at $0.1453, largely steady since the day’s start
*Given its expected correction lower, ADA/USD price stays in range past $0.1400
*Bitfinex adds Cardano (ADA) to tradable assets list after Shelley update Success
Resistance Levels: $0.1719, $0.1600, $0.1510
Support Levels: $0.1350, $0.1250, $0.1150
ADA/USD Daily Chart: Bullish
ADA/USD Daily Chart
Cardano may be set to launch beyond the level of $0.1510 as Bitcoin and a host of coins are primed for a technical upside correction. Technical analysis suggests a breach beyond the level of $0.1510 may see the ADA/USD pair propelling towards the area of resistance of $0.1600. In anticipation of a rally coming, medium- to long-term ADA/USD bulls may look to buy any dip beneath the $0.1400 mark.
In the alternative, ADA/USD is supported by the horizontal support at $0.1350 and the MA 50 since the rebound in March 2020. This MA 50 line has since restricted downside correction. A psychological $0.1150, creates key support. This critical barrier is reinforced by daily MA 50 and the lower line of the daily horizontal support at $0.1000.
ADA/USD 4-Hour Chart: Ranging
ADA/USD 4-Hour Chart
Short term frame technicals on the ADA/USD display a varied pattern as the spot price shifts within a channel. The $0.1510 key resistance level on the upside limits the potential while the $0.1250 near term horizontal support line restricts the downside of the channel price range.
Meanwhile, a weakening bullish momentum is suggestive of the ADA/USD trend in the short term RSI. The ADA/USD pair is only bullish while exchanging beyond the level of $0.1350, the main resistance is seen at levels of $0.1510, and $0.1600. If the ADA/USD pair exchange beneath the level of $0.1350, sellers may test the levels of $0.1250, and $0.1150.
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