Cardano Technical Analysis: ADA/USD sets a new 2020-high at $0.10
- ADA/USD bull run continues and continues establishing new 2020-highs.
- Cardano IOHK has partnered with Wave Financial Group to set up a development fund of $20 million.
Cardano continues with its bull run setting yet another 2020-high after getting rejected at $0.096 on July 2. ADA/USD was in consolidation mode after a massive move to $0.097 from $0.082 on the same day. The pullback didn’t last long and Cardano is back into bullish mode setting new highs again.
ADA/USD daily chart
 (7)-637293969593080311.png)
Clearly the digital asset is in a strong uptrend, but will probably need to consolidate again considering that the daily RSI is quite overextended. Bulls can use the 12-EMA and the 26-EMA as support. Anything above $0.074 is just a higher low and a possible continuation of the current uptrend.
ADA/USD 4-hour chart
 (6)-637293969765279304.png)
The 4-hour chart uptrend shows the bulls defending the 12-EMA before the key breakouts. Currently, ADA was rejected from $0.102 but the bears are not seeing a lot of continuation just yet. The 12-EMA at $0.094 will serve as support again if the pullback is extended. Anything above $0.087 is a higher low.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
