ADA/USD Choppy Session Continues – Buy the Low, Sell the High! - Forex News by FX Leaders

ADA/USD Choppy Session Continues – Buy the Low, Sell the High!

Posted Monday, July 12, 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 previous session’s losses, on the back of a positive development surrounding its environment. A recent report suggests that over the past 12 months, the so-called king of cryptocurrency, Bitcoin has seen a decline in popularity among the US-based eToro users. Altcoins are gaining more popularity and attraction, despite being more volatile in nature.

The popular trading platform, eToro, has seen a growing interest in buying and holding Cardano’s ADA and Dogecoin, rather than Bitcoin, among American users. According to new research shared with Cointelegraph, ADA is the most popular cryptocurrency held 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 make any ranking 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 puts one of the leading cryptocurrencies in fifth position.

Cryptocurrencies retained their favor among retail investors, despite experiencing one of their biggest-ever market corrections. The research done by eToro shows that retail investors are more confident in the potential of the new asset class moving ahead, and other cryptocurrencies, like Stellar’s Lumen, lota’s MIOTA token, and Ethereum Classic, were also gaining traction in the market. Cardano’s high ranking was not surprising, as the CEO and co-founder, Charles Hoskinson, has cultivated a massive community over the years. According to Cointelegraph, ADA is the most capitalized cryptocurrency in terms of 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
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 providing support for 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, and stay bearish below and bullish above that level. Good luck!

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