Cardano is moving somehow sideways in the short term. It’s located at 0.249 at the time of writing. It has changed little in the short term. Still, Bitcoin’s rally after poor US economic data could drag the altcoin higher as well.
The bias remains bearish, so a potential swing higher is far from being confirmed. In the last 24 hours, ADA/USD is up by 1.86% and by 0.14% in the last 7 days.
ADA/USD Downtrend Violated!
As you can see on the H4 chart, the sell-off was stopped by the 0.239 historical level. Now, the token is fighting hard to rebound.
It has jumped above the downtrend line and it could try to approach the former high of 0.258. Still, the breakouts haven’t been confirmed yet, so it’s premature to talk about more gains.
ADA/USD Forecast!
Jumping above 0.258 is seen as a long opportunity as the rate could extend its growth.
The material has been provided by InstaForex Company – www.instaforex.com
Cardano is moving somehow sideways in the short term. It’s located at 0.249 at the time of writing. It has changed little in the short term. Still, Bitcoin’s rally after poor US economic data could drag the altcoin higher as well.
The bias remains bearish, so a potential swing higher is far from being confirmed. In the last 24 hours, ADA/USD is up by 1.86% and by 0.14% in the last 7 days.
ADA/USD Downtrend Violated!
As you can see on the H4 chart, the sell-off was stopped by the 0.239 historical level. Now, the token is fighting hard to rebound.
It has jumped above the downtrend line and it could try to approach the former high of 0.258. Still, the breakouts haven’t been confirmed yet, so it’s premature to talk about more gains.
ADA/USD Forecast!
Jumping above 0.258 is seen as a long opportunity as the rate could extend its growth.
The material has been provided by InstaForex Company – www.instaforex.com
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