Introduction Cardano Price Prediction
Popularly known as the blockchain 2.0 altcoin, Cardano’s (ADA) comes out of the crypto winter as we’ll find out from the top down analysis of the ADAUSD pair. This technical analysis was supplied by Cryptocointrade. For more free crypto technical analysis and crypto fundamental analysis, visit Cryptocointrade.
ADAUSD: Monthly Chart
The ADAUSD attained an all-time high of 1.396281 on January 01 ’18 closing a bullish candle with a rather long wick.
A double bearish accumulation on October 01 ’18 signaled an increase in selling pressure as well as a breakdown of the previous all-time low of 0.078215.
As the pair breaks out of a hidden bearish accumulation, a new all-time low is established at 0.027237.
Last month April ’18, the pair signaled a single bullish accumulation pattern with a long upper candle shadow and support at 0.063230.
ADAUSD: Weekly Chart
Above, the weekly chart of the ADAUSD is in a descending channel, set up by bullish and bearish divergence patterns on December 17 ’18 and April 15 ’19.
The weekly bar on April 08 closed as a bearish inside bar signaling possible weakness of the bullish rally.
A dead cross of the MACD will confirm a bearish trend in support of a stronger USD. On the other hand, a bullish closing candle beyond the 0.103722 resistance will indicate a bullish trend and strong ADA.
ADAUSD: Daily Chart
Going to the lower daily chart, we observe a bullish trend, initialized by a bullish Fakey pattern on March 05 ’19. Ten days after the initial bullish pattern, another bullish setup in the form of a breakout of bearish accumulation was signaled on March 15 ’19 as the ADA gained about 135.0%.
Considering the upward swing that started on March 05 ’19, the ADAUSD currently retrace the bullish trend slightly above the 61.8% Fibonacci retracement. At this retracement level, the MACD oscillator already confirms a golden cross and confirms a bullish hidden divergence pattern.
ADAUSD: 4-HOUR Chart
A closer zoom to the 4hour chart reveals a descending channel at the base of the bearish retracement. This declining channel was established by two opposing bearish and bullish divergence patterns on April 28 and 30 ’19.
ADAUSD: 2-HOUR Chart
Similar to the 4hour chart, the above 2hour time frame signals a descending triangle/channel with upper and lower trend lines built from bearish and bullish divergence patterns.
Both early divergence patterns were signaled on April 29 ’19 03:00 and 19:00 respectively. However, a more recent bearish divergence setup was flagged on May 03 ’19 putting the pair in a choppy and slowing bearish descent.
Critical Resistance Levels of Stellar Cardano (ADA)
0.076701, 0.071789, 0.074864
Critical Support Levels of Cardano (ADA)
Conclusion and Projection
Although we already have a bullish hidden divergence confirmed on the daily chart, a breakout of bearish accumulation resistance will establish a more decisive bullish trend and confidence to enter a long position with potential profit projection at 0.090.
A break below the 0.065668 support will reveal bearish sentiment and probable price decline.
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