Cardano Retests Double Top at 1.8590 – Brace to Capture Retracement  - Forex News by FX Leaders
cardano price prediction

Cardano Retests Double Top at 1.8590 – Brace to Capture Retracement 

Posted Thursday, August 12, 2021 by
Arslan Butt • 2 min read

The ADA/USD coin extended its bullish streak of the early trading hours, and remained well bid on the day, boosted by the latest optimism regarding its successful launching of Alonzo testnet phases. In addition to this, the bullish sentiment in the crypto market has lent some additional support to the ADA prices. Cardano traded at $1.789529, which was up by 20.13%, one day before. That’s the biggest one-day percentage gain since May 20. This move pushed Cardano’s market cap up to $56.149822B, or 2.96% of the total cryptocurrency market cap. 

At its peak, Cardano’s market cap was $71.557257B. Cardano (ADA/USD) has seen a surge in value, having grown by 30.45% over the past seven days. The volume of Cardano traded in the 24 hours until the time of writing was $4.238406B or 3.80% of the total volume of all cryptocurrencies. It has traded within a range of $1.3390 to $1.7634 in the past seven days. Currently, the Cardano price is $1.79, with a 24-hour trading volume of $4,844,356,994. Cardano has risen by 16.90% in the past twenty-four hours.

ADA/USD

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Charles Hoskinson (founder of Cardano) shared the latest update about where his project is right now. Meanwhile, he also put out a teaser for the community, about an upcoming announcement on Friday. It involves an update that he is very excited about. The Cardano team has been working hard to fulfill the project’s dream of building a fully functional enhanced blockchain. Furthermore, Hoskinson is both humbled and pleased by all the  support the project has received so far. This turned out to be another critical factor that helped the ADA prices to stay bid. 

On the other hand, the bullish bias of the US dollar was seen as one of the major factors that placed pressure on any further gains in the ADA/USD. The broad-based US dollar extended its early-day gaining steak, remaining well bid on the day, as the optimism over the passing of US President Joe Biden’s infrastructure spending plan pushed the American currency up. In addition to this, the previously released strong US data raised concerns over tapering and rate hikes. This had an additional positive impact on the US dollar prices.

 

cardano price prediction
ADA/USD – Daily Timeframe – Fibonacci Retracement

Cardano (ADA/USD) – Technical Outlook – Can Double Top Trigger a Sell-off?

On the technical front, the ADA/USD currency pair is trading at 1.7614, closing a daily candle below a strong resistance level of 1.8590. Closing below this level suggests odds of a selling trend, or at least a bearish correction, in the ADA/USD pair. 

On the lower side, the support stays at 1.7073, which marks a 38.2% Fibonacci correction level. A bearish breakout at this level could lead the ADA price towards 1.6470, which marks a 61.8% Fibonacci correction level. 

Conversely, a breakout at the 1.9044 resistance level could lead the ADA/USD towards the 2.042 level. A bearish bias dominates below the 1.8950 level today. Good luck! 

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