Cardano on a Bullish Run – Who’s Up for Another Trade Signal?

The ADA/USD coin managed to put a stop to yesterday’s bearish streak and turned positive on the day. The bullish bias was boosted by the latest optimism regarding Amazon’s new payment policy, which suggests that Amazon will accept Bitcoin (BTC) as payment on its platform by the end of 2021. The following altcoins will follow: Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH), respectively. This headline helped the Cardano (ADA) coin to stay bid.

Cardano was trading at $1.244320 and dropped by 10.04% yesterday. That’s the most significant one-day percentage loss since June 21. But, the losses were short, as the latest positive developments tend to underpin the Cardano coin.

The upticks in the US dollar, which were triggered by multiple factors, could cap gains for the ADA/USD coin pair. The Cardano price is currently trading at $1.28, with a 24-hour trading volume of $1,992,265,822. Cardano has risen by 2.66% in the last twenty-four hours.

The bullish bias surrounding the US dollar is seen as one of the key factors that has kept a lid on any additional gains for the ADA/USD coin. The broad-based US dollar managed to extend its early-day gains, remaining much in demand.

The Delta variant of Covid-19, which is spreading across the globe, raised doubts over global economic recovery, which tends to underpin the safe-haven US dollar. Therefore, the declines in the greenback were seen as one of the critical factors that helped cap losses in the ADA prices.

The strategist for Morningstar, an American financial services company, said that three cryptos, one of them being Cardano (ADA), could form a “big three” of mainstream cryptos.

In the meantime, Amazon has said that it will begin accepting Bitcoin (BTC) as payment on its platform by the end of 2021, and that Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will follow suit.

This statement appeared right after the online shopping giant published a post regarding a related job opening. The position is for a “head of blockchain and cryptocurrency”. For now, it seems like the brand is just planning to enter the crypto market, but this is helping the ADA prices to stay bid.

Technically, the ADA/USD is trading exactly in line with our July 27 forecast. The Cardano coin is supported at the 1.2208 level, extended by an upward trendline. On the higher side, the double top pattern is extending resistance to the ADA/USD coin at 1.3806.

The ADA/USD coin has recently closed a bullish engulfing candle above 1.2200, and this seems to be our chance to capture another buy position in Cardano. The MACD and RSI support a bullish bias; therefore, we are looking to take a buy trade at 1.2800, to target 1.3500. Good luck!