ADA Price Analysis – July 26
Cardano gains 7.9% as the market opens today. Currently, ADA/USD hits the new monthly high to trade at $0.46.
Resistance levels: $0.178, $0.180, $0.182
Support levels: $0.112, $0.110, $0.008
ADA/USD is crossing above the ascending channel, reaching $0.160 and approaching major resistance at $0.162. The current price trend also suggests a growth momentum in the coming days. The price has reached $0.162 since yesterday that it started following the upward movement. Previously, ADA had been trading sideways at a price of $0.117 to $0.133. The coin is currently moving above the 9-day and 21-day moving averages.
Moreover, if the coin continues to experience an increasing trading volume coupled with a bullish regroup, ADA/USD pair will continue to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.178, $0.180, and $0.182.
In other words, ADA/USD may roll back to $0.112, $0.110, and $0.008 support levels if the bears step back into the market. The RSI (14) is currently at the overbought which may likely give more bullish signals.
Against BTC, the market is seen to be moving above the 9-day and 21-day moving average and within the ascending wedge channel where the price has already broken out of the channel. After touching the 1600 SAT, the coin is seen dropping to 1472 SAT where it is trading currently. Any further bullish movement may likely push it to the nearest resistance level at 1750 SAT and above.
Meanwhile, if ADA price crosses below the 9-day and 21-day moving average, the coin is expected to reach the support at 1200 SAT and 1150 SAT price levels. The technical indicator RSI (14) confirms that the market is following the bullish movement as the signal lines are extremely within the overbought zone.