ADA Price Analysis: Cardano (ADA) Inches Its Way Towards a Bullish Break Of Falling Wedge | Video & Live Chart

Published July 18, 2021 | Updated July 18, 2021

ADA Price Analysis: Cardano (ADA) Inches Its Way Towards a Bullish Break Of Falling Wedge | Video & Live Chart

  • ADA price has held major support of $1.15 strongly
  • ADA Price has formed a large falling wedge pattern
  • ADA has failed to hold its 30 day MA

Cardano (ADA) Price Overview [Video]

Cardano (ADA) has had a rough last couple weeks as price has fallen nearly -25% to its major support. This price action was not out of the ordinary as the majority of the cryptocurrency market also fell as a result of BTC dropping to its $31,000 support level. Price has been stuck in a near 3 month downtrend as bears have not given up control. Although, there are some signs a trend change may be in the process. 

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Shown in green, Cardano (ADA) has been forming a falling wedge pattern the last 3 months. This pattern is similar to the one spotted on BTC & it is generally a bullish pattern. In the short term, bulls must break & hold the major resistance zone found at $1.20-$1.27 to have a shot at revival.

If ADA manages to break & hold this mark, we can then say price is out of its falling wedge pattern in a bullish way. This will likely cause a push to major resistance of $1.34.

Cardano Price Analysis: ADA/USDT 1 Day live Chart

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If Cardano turns bullish in the short term, it must then tackle the 30 Day MA. This MA has held price down since the beginning of June. If bulls fail to do so, price will likely retrace back to its major zone of $1.20-$1.27. If this also fails, we can expect ADA to touch back to support of $1.20, $1.14 & $1.09, respectively. 

While looking at the RSI, we can see strength has been basically flat lined for months. This has created a descending channel like structure which needs a strong breakout to either side to have a confirmed trend change. The Stochastic RSI has been hanging out in oversold territory which is a sign a reset has occurred which may have set the stage for another bullish push.

ADA intraday levels 

  • Spot rate: $1.21
  • Trend: Bearish
  • Volatility: High
  • Support: $1.15
  • Resistance: $1.27
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Domenic CoinGape 64 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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