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ADA Price Analysis: ADA/USD Price Stays in Range Past $0.1400 As Bitfinex Adds Cardano (ADA) to Tradable Assets List After Shelley Update Success

ADA

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

Key Levels
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.

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

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