Cardano – Cardano’s surge to $1.20 is just the beginning

The Key Takeaways

Bitcoin and Ethereum both saw significant gains since the 5th August. Cardano is following in their footsteps and there are clues on its chart that show bulls can remain optimistic.

Cardano [ADA] Over the last 24 hours, prices rose by 4.88%.

Daily trading volumes for altcoins had increased 74%. Bitcoin [BTC] At the time of publication, was unable to break through $117.5K.

Cardano’s rally will continue regardless of BTC’s stagnant momentum.

A set of Fibonacci Retracement Levels was calculated using swing points at $0.51, and $0.937 from the end of June and beginning July. This showed that the 61.8% Fibonacci retracement is at $0.673, a level which has been nearly tested as support in the recent retracement.

This high of $0.73 from June, which was a barrier two months earlier, is now a support. The area highlighted in cyan also had convergence of the moving averages from the daily chart.

Cardano’s bullish response in this region was encouraging. CMF is also at +0.06, which indicates significant buying pressure. The MACD was still above zero and on the cusp of another bullish crossover.

Technical indicators and price movements on the 1-day charts indicated bullishness. The rally would likely follow.

These Fibonacci levels, $1.03 & $1.2, were next on the list. The levels of $1.03 and $1.2 were the next targets.

Source: ADA/USDT at TradingView

Cardano is at $0.78 on the 2-hour chart. This level had been resistance in the previous retracement towards the end of the month. This level appeared to be a support for the ADA bulls.

Cardano is a strong bull in the short term, according to the MFI and CMF.

Cardano, therefore, was a likely candidate for a promising buying opportunity. So long as the price remained above $0.755, it would continue to maintain its short-term bullish outlook.

Disclaimer: This information is not intended to be a financial, investment or trading advice. It represents the sole opinion of the author.