- Bulls increased their momentum after violating $1.50.
- Cardano failed at the $2.25 resistance level and dropped to a lower price.
- ADA/USD has recovered to have another go at the $2.25 resistance.
ADA/USD falls short of attaining its all-time high after fluffing at the $2.25 resistance level. This is on the back of a very impressive rally by Cardano which began last month, on the 21st of July. The rally itself is following the generally bullish outlook of the coin. This means that, despite the May 19 setback in the market, ADA/USD has remained in a general uptrend, with the market gliding through an ascending channel.
ADA/USD Significant Levels
Resistance Zones: $2.25, $2.47
Support Zones: $1.00, $1.50
ADA/USD Long Term Trend: Bullish
ADA, following this general uptrend movement, bounced off the confluence of the $1.00 demand level and the lower border of the channel. It was able to bypass the $1.50 resistance without much sweat. A supply zone it has shied away from earlier last month. Buyers beefed-up their impulse after violating $1.50 to pass their big test of crossing the halfway line, which they passed with aplomb.
The coin kept racing to its all-time high at $2.47 until it hit a bulwark at the $2.25 resistance level. Price slumped down in an instant. ADA/USD has, however, received a quick revival at the halfway line of the channel and therefore stopped short of falling to the underside of the EMA period 14 (Exponential Moving Average). The market is wasting no time at all as it has bounced up to confront the $2.25 resistance on its way to attaining its all-time high.
ADA/USD Short Term Trend: Bullish
The EFI (Elders Force Index) shows the sudden impact of the resistance from the $2.25 key level. Bullish momentum practically dropped below the zero line to a negative value, which means the market was in a free fall. The influence of the halfway line is also very evident. It acted swiftly to revive the bulls and pumped the market up to the zero line.
The initiative is now with buyers to fully revive their bullish impulse so that they can have a more intentional go at the $2.25 resistance to attain their goal of $2.47. The Bulls are on course once again to do that.
Also read: What Are The Advantages Of Cardano (ADA) Cryptocurrency?
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