Cardano Sees Upward Price Move Coming to A Close

The price of Cardano (ADA) has been on an upward trend ever since April this year. Even so, it seems that this massive bull run that ADA has experienced is slowly, but surely coming to a close, warning that the coin’s top might be close to being reached.

Slowly Losing Momentum

The price of ADA has managed to consolidate almost 500 satoshis in value during the time frame of April 2019 and April 2020. This upward movement in the price started back on the 28th of April, 2020, and has been accelerating in its price increases ever since. The coin even managed to move above the 50-week moving average (MA) and managed to validate it as supporting during the 15th of June’s week.

As it stands now, the closest area of resistance is at 1170 satoshis. This point stands at the 0.5 Fib level of the entire decline, which started back in April of 2019. The probability of a rally occurring there is quite real, however, it’s yet to be made clear if the coin is going to successfully break out.

All The Supporting Data

The RSI has shown no sort of bearish movements, and the volume of ADA has been picking up considerably within this upward movement. As it stands now, all looks well.

CryptoNTez, a crypto trader, has gone public on twitter in saying that ADA has continued its increase towards the 1,100-1,200 Satoshi range.  This stands as the same resistance area that was mentioned above.

$ADA

Doing one more push towards ~1000 sats as it manages to flip resistance into support on the 900 sats level…

Overall Volume is decreasing tho so careful…

UCTS keeping Buy signals across multiple tf as you can see on the charts…#ADA pic.twitter.com/be6QFAawdm

— Nico (@CryptoNTez) July 1, 2020

When one views it through the lens of a five-wave Elliot formation, a similar target can be seen since the start of the market move. It should be noted that the height of waves 3 and 5 being equated is pretty standard practice.

Beginning Of The End

While the 200-day and 50-day MAs have already made a bullish cross, with the price currently trading above them, the RSI shows a noteworthy bearish divergence, as well. This may finally herald the ADA bull run’s end.

The loss in momentum the bull run’s gained is at its most noticeable during the bullish belt hold candlestick of yesterday. Simply put, it held a much smaller volume than the previous candlesticks, which shows that investors aren’t as keen for such a bullish run, anymore.

When you start looking at USD values, the ADA/USD pairing has been trading between the ranges of $0.105 and 0.072, being the resistance and support, respectively.