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Cardano, Waves, Verge Price Analysis: 19 March



Source: Pixabay

Following the news from Coinbase that users would be able to deposit ADA into their Coinbase Pro accounts and begin trading once liquidity conditions are met, Cardano saw a surge of close to 42% within a span of 72 hours. Waves too pushed toward its short-term range highs, while Verge posted steady gains on the charts.

Cardano [ADA]

Cardano, Waves, Verge Price Analysis: 18 March

Source: ADA/USDT on TradingView

Using the Fibonacci retracement tool for ADA’s surge from $0.81 to $1.48 in late February, some levels of retracement were plotted. Before the recent surge to $1.4 for ADA, it was consolidating just above the 61.8% retracement level.

When the bears broke through the 50% retracement level at $1.09 with momentum, the defense of the $1-level as both a technical and psychological level was vital for bullish hopes. The demand at the $1-mark soon saw buyers flood the market and drive the price to $1.4. ADA had since corrected to $1.27, however, with a candlewick to the 38.2% retracement level at $1.17.

The Stochastic RSI was in oversold territory, even as the RSI bounced off 50. This indicated a possible move upwards, and a break past the $1.3-mark can see ADA advance towards $1.4 once more.

Waves [WAVES]

Cardano, Waves, Verge Price Analysis: 18 March

Source: WAVES/USDT on TradingView

In white were plotted the Fibonacci retracement levels for WAVES’s drop from $14.2 to $7.7. At the time of writing, WAVES had climbed past the 50% retracement level at $10.45. However, plotted in cyan was a range that WAVES appeared to have formed over the past week.

The range highs at $10.8 have seen WAVES rejected twice now. As the price approached the highs a third time with bullish momentum behind it, according to the MACD, two scenarios can unfold.

A rejection at the range highs will push WAVES lower to the $10.1-mark, while a move higher will see WAVES face some resistance around the $11.2-level.

Verge [XVG]

Cardano, Waves, Verge Price Analysis: 18 March

Source: XVG/USD on TradingView

XVG was trading within an ascending channel (cyan) and based on the 27% Fibonacci extension level, a breakout past $0.0334 would set a target of $0.0411 for XVG.

The OBV was comfortably higher than the double top it formed in February at the $0.0279-mark. The 50-period EMA (yellow) was well under the price to highlight strong bullish momentum.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.