Lorenzo Stroe
Independent Analyst
- Cardano price remains contained inside an ascending triangle pattern on the 12-hour chart.
- An important indicator is on the verge of presenting a buy signal for Cardano.
Cardano has lost the 12-hour chart uptrend and it’s struggling to defend a critical support level at $0.144. Although bears are in control of the short-term, bulls still have a chance to comeback if they can hold.
Cardano price must defend $0.144 to survive
Cardano is currently trading at $0.147 after a small bounce from the significant support level at $0.144, which is the lower trendline of the ascending triangle on the 12-hour chart. This is a critical point that must be defended.
ADA/USD 12-hour chart
The 50-SMA resistance level at $0.155 is the next hurdle for the bulls. A breakout above that point, turning the moving average into support, will most likely push Cardano price towards the upper boundary of the pattern at $0.173. Additionally, the TD Sequential indicator has formed a red ‘8’ candle which is usually followed by a buy signal, giving even more credence to the bullish outlook.
ADA/USD 12-hour chart
However, if bulls cannot defend the $0.144 support level, bears will remain in control targeting a long-term price of $0.082.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.