CARDANO (ADA/USD): Cardano Surges Low Today as It’s Price Drops by 4.8%, New Uptrend May Surface Soon

ADA Price Analysis – July 9

Cardano has been moving steadily in this week and trying to maintain a little bit of surge at the same time. Although the coin slipped a bit today, it may pick up the pace soon before the week unfolds.

ADA/USD Market

Key Levels:
Resistance levels: $0.105, $0.110, $0.115
Support levels: $0.060, $0.065, $0.070

ADAUSD – Daily Chart

In the last three days, ADA has surged from $0.076 to $0.080 and then dropped back to $0.078 level and is currently trading at the same value. The coin has recorded a downtrend of 4.8% declining from $0.080 to its current value at $0.078 as on July 9, 2019, at 18:43:48 UTC.

In the last seven days, ADA has recorded the highest value at $0.083. The on-going trend may change this week, and the coin may move past $0.105 resistance level by the end of the week if the bulls put more effort. Moreover, should in case the bulls failed, the token’s price will continue to remain low if the bearish volatility continues dominant while it’s still moving under 55-day MA and also been confirmed by MACD indicator.

ADA/BTC Market

Cardano has continued to follow a bearish sentiment since June 13, 2019, as the token suffers from a strong buying power. Even if the bulls are trying to gain momentum, the bears may continue to release huge pressure on the market. At the time of writing, Cardano was trading near 620SAT which is very close to its all-time low.

ADABTC – Daily Chart

The bearish scenario might rally further to 350SAT and 300SAT support levels. Currently, the Cardano price is moving around the oversold zone of the daily RSI. If the bulls can manage to find support at this level, an upward movement to the 900SAT and potentially 950SAT resistance levels may likely surface. But, a glance at the current market suggests a dominant downtrend for ADA/BTC market.

Please note: is not a financial advisor. Do your own 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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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.