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Cardano [ADA/USD] Price Analysis: ADA prices pump after Cardano 1.5 update

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Cardano [ADA/USD] Price Analysis: ADA prices pump after the Cardano 1.5 update realse
Source: Pixabay

The price of Cardano saw massive gains in the last hour, with the price pumping by approximately 15% in the last 17 hours. ADA pumped after Cardano Foundation announced the release of Cardano 1.5.

A Twitter user @AlexHPutra tweeted the upcoming updates for Cardano,

“Cardano as the 3rd generation blockchain, is moving toward the most anticipated Shelley phase (Decentralization & Staking).
1. Shelley on Testnet (31 March or earlier).
2. IOHK Summit in Miami – New Cardano Roadmap (17-18 April)
3. Shelley on Mainnet (20 April or earlier).”

At press time, the price of ADA was $0.0570, while the market cap for the coin stood at $1.46 billion. Cardano was the eleventh largest cryptocurrency in terms of market cap. The 24-hour trading volume of Cardano was hanging at $102 million, while most of the volume was contributed by ZBG exchange via the ADA/USDT pair.

1 Hour

Source: TradingView

The one-hour chart for Cardano showed an uptrend that extended from $0.040 to $0.054. The price bounced off the support at $0.050, and breached the resistance at $0.054. The coin was soaring higher, at press time.

The Parabolic SAR markers spawned below the price candles on 22 March, 2019, at 02:00 UTC, indicating a reversal of the prices to the upside.

The MACD indicator showed a bullish crossover of the MACD and the signal line. The histogram showed green bars forming above the zero-line.

The Awesome Oscillator showed green spikes above the zero-line, indicating rising upward momentum.

1 Day

Source: TradingView

The one-day chart showed a strong downtrend for ADA that extended from $0.1072 to $0.057, with an uptrend yet to be formed. The price breached its immediate resistance at $0.05708, after the pump.

The Bollinger Bands showed an expansion as the bands diverged from each other. The prices were above the SMA, indicating a bullish presence for ADA.

The Stochastic indicator showed that it had hit an oversold zone as the signal line and the Stochastic line were in a bullish crossover.

The Chaikin Money Flow indicator showed a large influx of money into the ADA market, as the CMF over +0.2.



Conclusion

Both the one-hour and one-day chart pictured bullish momentum for ADA, a projection evidenced by indicators such as the SAR, MACD, AO, Bollinger Bands, Stochastic, and Chaikin Money Flow.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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