Cardano (ADA) Price Analysis — Going Down to $0.10 After Pump?

Price Predictions
Thu, 07/09/2020 - 14:00
Denys Serhiichuk
Was the recent rise of Cardano (ADA) a continuation of the bullish trend or a false breakout?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market is trying to remain in a bullish trend even though most of the coins have reached their local peaks. Today, XRP is the top gainer, having risen by 6.52% since yesterday.

Top 10 coins by Coinstats

As the rates of altcoins have not changed much over the past day, the dominance rate of Bitcoin (BTC) has remained almost on the same level. Currently, the market share of the leading crypto amounts to 61.7%.

BTC’s market share

The relevant data of Cardano is as follows.

  • Name: Cardano

  • Ticker: ADA

  • Market Cap: $3,204,542,366

  • Price: $0.123598

  • Volume (24h): $713,695,970

  • Change (24h): -1.01%

The data is relevant at press time.

ADA/USD: Will coin continue the recent pump?

Cardano (ADA) has shown the biggest growth of all of the other coins from the top 10 list. The rate of the altcoin has rocketed by 31.65% over the past 7 days.

ADA/USD chart by TradingView

On the hourly time frame, there are lowering heights against the slightly declining trading volume, which is a bearish scenario in terms of price action. Buyers are showing no resistance, while bears are pushing ADA to the support line. This is why the nearest stop is likely at the $0.12808 mark, which may be attained by mid-July.

ADA/USD chart by TradingView

The 4H time frame is 'showing' the same price action. Trading is decreasing, confirming the absence of bulls. Thus, there is no liquidity at current levels, which is another reason for a decline. Respectively, the drop may occur to the 'mirror' level at $0.1188. It might happen by the end of the week.

ADA/USD chart by TradingView

On the bigger chart, the bullish trend has stopped. However, the bearish one has not started yet. If sellers push Cardano (ADA) below $0.12 and hold the price there, the recent growth will not be relevant anymore. But currently, the more likely projection is sideways trading in a range between $0.12 and $0.1250 until mid-July 2020.

Cardano is trading at $0.1226 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.


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