Cardano has persisted to surpass most of the market’s major cryptos. In addition to the price spike beyond $0.094, the market cap of ADA has also risen exponentially to the point of replacing Tezos (XTZ) from the tenth position. ADA/USD is losing value at $0.0759 at the time of writing, down over 7 percent over the last 24 hours. The coin is already almost 70 percent on a month-on-month basis, notwithstanding the sell-off. Upon garnering $310 million in transaction volume, Cardano now has a market cap of approx $2.0 billion. Its biggest competitor, Tezos, now ranks 11th with a $1.9 billion market value. As per Google Trends, the search interest for ADA is at the maximum level since January combined with a spike in its on-chain activity as stakeholders become ready for the Shelly upgrade. As per IntoTheBlock data, the number of ADA addresses reached a peak of 385.080 on June 6. It also emerged that ADA worth $7 billion had been transferred by large-scale holders as of late May.
*ADA/USD is losing value at $0.0759 at the time of writing, down over 7 percent over the last 24 hours
*The coin is already almost 70 percent on a month-on-month basis, notwithstanding the sell-off
*As per Google Trends, the search interest for ADA is at the maximum level since January combined with a spike in its on-chain activity as stakeholders become ready for the Shelly upgrade
Resistance Levels: $0.0100, $0.0936, $0.0880
Support Levels: $0.0728, $0.0657, $0.0550
ADA/USD Daily Chart: Bullish
ADA/USD Daily Chart
After a good run, Cardano (ADA) recorded profit-taking. The crypto had pulled back to the daily retracement level of $0.0728. Also beneath this zone is the MA 50 at ($0.0589). Therefore bulls are likely to be vigorously defending this zone. Once price shifts down and the level rebounds well before MA 50, the bulls may attempt to propel it beyond $0.0936.
Once sustained, the upswing is probable to continue with the target, at $0.1000. Alternatively, once the bears plunge the ADA/USD pair beneath the horizontal support at $0.0657, breaching the MA 50 at ($0.0589) marking a drop to the retracement level of 50 percent. A violation beneath this support implies a weakened momentum.
ADA/USD 4-Hour Chart: Ranging
ADA/USD 4-Hour Chart
On the intraday charts, ADA/USD plunged to around $0.0850 beneath 4-hour MA 50 while moving under $0.0800 and $0.0761 while downward reinforcement may step in at 4-hour MA 200 later. It is swiftly followed by $0.0728, which is the highest level in 2020 before. This region is expected to halt downside correction and serve as a launchpad for upside activity to proceed.
On the positive, once $0.0850 is out of the path, ADA/USD may be increasing the rebound to $0.0900 which prevented the bulls early in June. The RSI stays close to the oversold territory on the 4-hour chart and gives evidence of a reversal. At these levels, traders may further look for a rebound.
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