Cardano Price Analysis: The Bulls Could Soon Accommodate ADA

ADA Price Analysis – July 27

ADA has given an above-average performance in this week and may continue with that in the next month also as indicated by the current market statistics of the coin.

ADA/USD Market

Key Levels:
Resistance levels: $0.070, $0.075, $0.080
Support levels: $0.040, $0.035, $0.030

ADAUSD – Daily Chart

Cardano could reach $0.100 in the coming months, according to current speculations. The difficult phase seems to be over for this crypto, as it is heading towards bullish trends in the coming weeks. Yesterday, ADA has moved around $0.060 mostly when the coin started trading at $0.058 and showed an uptrend of over 3% reaching $0.060.

However, ADA price is currently trading at $0.062 as at writing this, although the coin touched 0.063 when the market opens early today but may likely retest the support level of $0.060 before moving upward again. Breaking the aforementioned support level may take it to $0.040, $0.035 and $0.030 support levels. Should the price fails to go below the $0.060, then the bulls could move it towards the resistance level of $0.070, $0.075 and $0.080 respectively as the RSI (14) is moving above level 40 while MACD has started generating bullish signals.

ADA/BTC Market

Against BTC, despite the fact that the coin has been unstable for more than a month, the bulls have managed to put a stop to the selling pressure by taken the market price to 613SAT as at the time of writing. For now, there is still a tug of war between the bulls and the bears about who will control the market.

ADABTC – Daily Chart

Similarly, as the market opens today, the sellers have started pushing the price down from 640SAT to the demand level of 612SAT where it is trading presently, but 500SAT is still standing as the next demand level for the buyers. The technical indicator (MACD) also shows that the buyers could take charge by pushing the price to 800SAT and above in the near term.

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.