ADA/USD Upward Channel Supports Buying – 50 EMA Resistance in Focus! - Forex News by FX Leaders

ADA/USD Upward Channel Supports Buying – 50 EMA Resistance in Focus!

Posted Wednesday, July 7, 2021 by
Arslan Butt • 2 min read

The ADA/USD closed at $1.416315, after placing a high of $1.456571, and a low of $1.392450. The ADA/USD reversed its course and recovered some of its losses of the previous session on Tuesday, on the back of a positive development surrounding its environment. A report suggested that over the past 12-months, the so-called king of cryptocurrency, Bitcoin, has seen a decline in its popularity among the US-based eToro users. Altcoins are gaining more popularity and attractiveness, despite being more volatile in nature.

The popular trading platform eToro has seen a growing interest, among American users, in buying and holding Cardano’s ADA and Dogecoin, compared to Bitcoin. According to new research shared with Cointelegraph, ADA is the most popular cryptocurrency regulated by the United States-based eToro users. Cardano’s ADA moved up to first place, from third place, in the second quarter of 2020. Dogecoin did not rank last year, but now it is the second most held cryptocurrency among US-based investors. Tron is in third place followed by Ether and Bitcoin, which means that one of the leading cryptocurrencies is in fifth place.

 

ADA/USD

Cryptocurrencies remained in favor among retail investors, despite experiencing one of their biggest-ever market corrections. The research done by eToro showed that retail investors are more confident regarding the potential of the new asset class moving forward, and other cryptocurrencies like Stellar’s Lumen, Iota’s MIOTA token, and Ethereum Classic are also gaining traction in the market.

The high ranking of Cardano is not surprising, as CEO and co-founder Charles Hoskinson has cultivated a massive community over the years. According to Cointelegraph, ADA is the most capitalized cryptocurrency with regard to its staked value of over $32.6 billion.

ADA/USD – Daily Technical Levels

Support           Resistance
1.386987         1.451108
1.357658         1.485900
1.322867         1.515229
Pivot Point:    1.421779

 

ADA/USD – Technical Analysis

On the technical front, the ADA/USD pair is trading at the 1.4146 level, facing immediate resistance at  1.4923. The closing of candles below 1.4923 suggests weakness in the investors’ bullish tone. On the lower side, the upward trendline is supporting the ADA/USD pair at the 1.3935 level. The 50 periods EMA is still supporting a buying trend at the 1.4001 level. In case of a bullish crossover at 1.4923, the ADA/USD could go after the next resistance area of 1.5500 and 1.6332. The leading indicators, like the MACD and the RSI, support a selling bias in the ADA coin today. Let’s keep an eye on the 1.4588 level today, and stay bearish below and bullish above that level. Good luck!

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