ADA/USD rebounds sharply off higher resistance, as sellers tears down steadily rising support line. Since around 15th of July Cardano has been trading in a gradual upward sloping manner. However, that trend appears to have ended given the current situation of this market.
Cardano Forecast Statistics Data:
Cardano current price: $0.4671
Cardano market cap: $18.1 billion
Cardano circulating supply: 33.75 billion
Cardano total supply: 34.3 billion
Cardano Coinmarketcap ranking: #7
Therefore in this analysis, we shall further examine this market to see, what we can expect in this market. Also we will talk about what can be done to avoid further losses as a trader.
Important Levels:
Resistance levels: $0.5330, $0.5410, $0.5560
Support levels: $0.5500, $0.5330, $0.4671
ADA/USD Recording Significant Loses, Tamadoge Prepares for a Great Start
Looking at the ADA/USD daily chart we can tentatively say that Cardano has recorded approximately 22% loss. Furthermore, we can see that the EMAs stays above the price candles. Also this lines are about to deliver another cross here. By implication, this indicates that the downtrend will continue, once the EMA line crosses each other. Already, it seems as if the bulls have been over powered by the bears, and strong buying pressure is required to put the bulls back in control of the market.
Moving on, the Stochastic RSI points steeply down into the oversold area, portraying the strength of the bears in this market. However the oversold region has been reached, consequently we may anticipate a revesal soon. Traders who seek to re-enter the market can place a buy stop around $0.5000. The reason for this is because if price should trigger the setup, this may imply that significant uptrend have begun.
Cardano Price Forecast: ADA Is Bearish Against Bitcoin
The ADA/BTC daily chart continues to reflect the impact of the bears, as value keeps falling in almost similar maner. Here the EMA lines are still above value movement like it was in the previous chart. Also, the EMAs are also about to cross each other while above value movement. When this eventually happens, more strength will be delivered to the downward correction.
Your capital is at risk
Furthermore, the Stochastic RSI lines are still at the level 39.17 and 16. 16 (Slower and faster respectively). Consequently, with the steepness and distance of these lines, we can say that prices can further move to lower levels. Therefore, Traders here can expect price to fall to near 0.00002050 or 0.00002000 before price reversal can occure.
Tamadoge is also securing strategic listings on centralized and decentralized exchanges as part of its roadmap. The first listing has already been secured on LBank. LBank is a centralized exchange, and the Tamadoge team is optimistic that TAMA could be paired with ETH to support the projects rapid growth as it faces improved liquidity.
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Source: https://insidebitcoins.com/news/ada-market-is-on-a-downtrend-tamadoge-promises-better-market-performance