bitcoinBTC/USD
$ 20,288.00
ethereumETH/USD
$ 1,151.54
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.467091
xrpXRP/USD
$ 0.32888
usd-coinUSDC/USD
$ 1.00

ADA/USD Rebounds off the $1.000 Support to Reappraise $1.500

ADAUSD rebounds off

ADA USD Price Analysis – August 5

ADA USD rebounds off the $1.000 key level for the second time in six weeks. Its aim once again is to retest the $1.500 resistance level to break beyond it. The market has been having a duel with the $1.500 key level ever since the price soared to the $1.000 price level on the 25th of February 2021. The resistance seemed unbreakable until a breakthrough happened on the 6th of May 2021.


Key Levels:

Resistance Levels: $1.500, $1.830
Support Levels: 1.000, 0.700

ADAUSD rebounds off
ADA USD Long Term Trend – Ranging

When ADA made it past $1.5 this year, the price immediately surged upwards. Not even the 1.830 resistance could halt the bullish momentum. After a few days of defending, it bulged for the price to shoot further upwards. Bulls did not stop moving till they ran out of steam at $2.470. This allowed the sellers to step in to plummet the market. In about three days, the coin spiked down to $1.000. This was very sudden, but the price rebounds and was restored but couldn’t go beyond $1.830.

After struggling to break beyond $1.830 unsuccessfully, the coin fell below $1.500 and eventually back to where it started, at $1.000. Since then, ADA has been rebounding from that $1.000 to test $1.500 to break to the upside again. The Bollinger Band has wrapped its borders around the daily candles and between the $1.500 and $1.000 key levels to further make the border impervious, thereby leaving ADA to consolidate.

ADAUSD rebounds off
ADA USD Short Term Trend – Bearish

On the 4-hour chart, the price is still in an uptrend, but it has failed to make a higher high past the upward spike of the 26th of July. Moreover, the Stochastic Oscillator already has its signal lines in the overbought region, having crossed the 80 mark.

All indications point to the fact that we are likely to see a decline set in the market soon, even before the coin reaches the $1.500 resistance. The target will be once again the $1.000 key support.

Also read:

Related News

Will KuCoin Token Reach $100 in 2022 – KuCoin Price Forecast

KuCoin is a popular cryptocurrency exchange because of its cheap fees and extensive range of features. The platform allows you to trade in futures and margin products, using a vast variety of tokens to pick from. The crypto exchange also has a native coin KuCoin Token (KCS). KuCoin’s numerous features, low costs, and wide range of cryptocurrencies make it a great choice for experienced cryptocurrency traders. But what about its

Read More »
Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

ETH Technical Analysis – May 2022 Ever since hitting an all-time high in November of 2021 at around $4,800, the price of Ethereum (ETH) has been in a downtrend. Initially, the price declined by around 26%, and ETH ended the year at $3,500. That bearish momentum continued in January as well, where ETH declined by almost 45% in January alone. However, ETH managed to find support at $2,160, which then

Read More »
Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

BTC Technical Analysis – May 2022 Ever since Bitcoin (BTC) reached its all-time high in November of 2021 at around $69,000, the price has been in a downtrend. The price initially declined by more than 30%. BTC ended the year at around $50,000.  In 2022, BTC maintained that similar approach, where the price declined by an additional 35% in the first few weeks of the year. After finding support at

Read More »

My Coins

bitcoinBitcoin
$ 20,288.005.61%
ethereumEthereum
$ 1,151.547.34%
cardanoCardano
$ 0.4670912.84%
tetherTether
$ 1.000%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org