Bitcoin
BTC$16 978.70

4.39%

Ethereum
ETH$1 272.58

7.65%

Tether
USDT$0.999717

0.01%

Binance Coin
BNB$303.20

2.45%

USD Coin
USDC$1.000139

-0.01%

Binance USD
BUSD$1.000531

-0.02%

Bullish cup and handle pattern sets Cardano (ADA) price up for a new ATH


20 Aug 2021

#Cardano

ADA’s daily close above the $2.30 resistance and a classic bullish technical analysis pattern signal that the altcoin is ready to hit a new all-time high. Smart contracts have been a revolutionary force in the blockchain industry because they have enabled the creation of decentralized finance protocols, nonfungible tokens and a new form of carrying out transactions without the need of a middleman. 

Cardano (ADA) is one of the many projects that has been gaining momentum throughout 2021 and now that the project's long-awaited smart contract capabilities are on the verge of becoming reality, the token is on the precipice of setting a new all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that after bottoming at a low of $1.02 on July 20, the price of ADA has surged 139% to a multi-week high at $2.45. Here’s a look at what some analysts and traders are saying about the recent price action for ADA and what token holders may want to keep an eye on in the short term.

A bullish upturn in the 50MA

The rapidly rising price of ADA has been hard for most traders to ignore, especially since multiple technical indicators have now flipped bullish.One such ind icator is the 50-day moving average (50MA), which is now pointed up after being on a downslope for roughly 2 months as highlighted in the following chart posted by pseudonymous Twitter user Pharmlord.

As seen in the chart above, once crossing above the 50-MA, ADA price doubled and is now on the verge of hitting a new all-time high at $2.46. 

Flipping $2.30 to support is key

Insight into the important levels that ADA bulls need to keep an eye on was provided by Rekt Capital, a pseudonymous Twitter analyst who pinpointed the importance of the $2.30 level. ADA has already managed to convincingly surpass a lower resistance zone shown in red on the chart above and is now it is attempting to break the May 16 all-time high at $2.46.

According to Rekt Capital:  “The only major resistance left before a new All-Time Highs is the black level ahead (~$2.30).”

A cup and handle breakout will confirm the ATH

According to Twitter user 'Fidzcrypto', ADA is showing a distinct cup and handle formation on the daily timeframe. Investopedia cites the cup and handle pattern as a technical indicator that resembles a cup with a handle, where the cup is in the shape of a "u" and the handle has a slight downward drift.” The cup portion of the pattern can be seen on the chart between May 14 and Aug. 16, while the handle is seen in the price dip and recovery from Aug. 16 - Aug. 18.

According to Investopedia: “The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume. The pattern's formation may be as short as seven weeks or as long as 65 weeks.”


Related

MetaTrader Removed from App Store: 5 Things You Need to Know
MetaTrader Removed from App Store: 5 Things You Need to Know
Top altcoins performance ranged from -1.5% (Cardano) to +10% (Solana)
Top altcoins performance ranged from -1.5% (Cardano) to +10% (Solana)
Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks
Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks
August 26: a Terrible Day on the Calendar
August 26: a Terrible Day on the Calendar
A Little Patience, Ladies and Gentlemen!
A Little Patience, Ladies and Gentlemen!
FP Markets adds ETFs CFDs to its MT5 platform
FP Markets adds ETFs CFDs to its MT5 platform
A New Era of Financial Security
A New Era of Financial Security
Cardano-based Clay Nation partners with Snoop Dogg on new NFT collection
Cardano-based Clay Nation partners with Snoop Dogg on new NFT collection
Crypto exchange Coinbase to offer ADA staking services
Crypto exchange Coinbase to offer ADA staking services

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.2% 81 $16 978.70 4.39% 2.88% $326 335 954 931 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 79 $1 272.58 7.65% 9.73% $155 730 706 390 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999717 0.01% 0.07% $65 344 160 805 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 65 $303.20 2.45% 11.12% $48 502 460 386 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000139 -0.01% -0.03% $43 277 644 672 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000531 -0.02% -0.04% $22 382 168 682 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 68.4% 66 $0.404716 4.85% 7.75% $20 353 202 189 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.6% 85 $0.107996 6.28% 33.79% $14 327 928 052 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 62% 81 $0.317149 3.18% 0.58% $10 922 533 679 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.870461 4.66% 0.89% $7 602 885 646 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 67 $5.45 5.72% 1.92% $6 217 714 859 DOT 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 63.2% 74 $78.90 4.47% 1.74% $5 659 018 434 LTC 7 days price change
14 Dai (DAI) DAI Dai predictions 96% 1 $0.999966 0.01% -0.06% $5 641 163 245 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 67.2% 66 $0.054055 1.60% 6.42% $5 496 066 891 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.