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Cardano traders could long the alt here

by Miki 07/27/2021
by Miki 07/27/2021 0 comment

After surging by over 25% in the last five days, Cardano prices looked to take a breather as sellers returned to the market. Triggered by BTC’s decline below $37,000, ADA prices moved south and eyed key developments to initiate its next leg upwards. At the time of writing, ADA traded at $1.25, down by 9% over the last 24 hours.

Cardano Hourly Chart 

Source: ADA/USD, TradingView

Yesterday’s rise saw ADA break north of its ascending channel and trade above its 38.2% Fibonacci Extension level ($1.31) for the first time in 15 days. However, buying pressure eased before ADA snapped the $1.40 mark and a correction soon followed which dropped prices towards the lower trendline of their pattern.

The last few hours did result in a series of green candles and there was a chance that ADA would extend its gains over the coming sessions. In such a case, ADA bulls would eye a push towards the $1.31-$1.35. However, a close above $1.28-resistance and 20-SMA (red) was needed to validate such an outcome. This area also clashed with the half-line of ADA’s pattern.

Reasoning 

Relative Strength Index saw a bounce back from the oversold zone as some buying pressure returned to the market. The Directional Movement Index’s +DI inched closer to the -DI and a bullish crossover would indicate the onset of another uptrend. Squeeze Momentum Indicator noted receding bearish momentum and a buy signal can be placed once the index closes above the equilibrium-mark.

Conclusion 

Since the above mentioned indicators were yet to fully back a bullish trend, it seemed rather premature to call for an immediate reversal in prices. Traders could choose to forego some gains by longing ADA only once it closes above $1.283 as this would heighten chances of a swing to the upside. In this scenario, take-profits can be set between $1.31-1.35 which would highlight gains of 3%-5.5%.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
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      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

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