ADA Price Analysis – August 4
ADA/USD bulls are taking charge of the market for the second straight day as the coin trades at $0.143.
Resistance levels: $0.165, $0.170, $0.175
Support levels: $0.120, $0.115, $0.105
At the time of writing, Cardano is trading at $0.143 amid the bulls’ effort to place ADA above $0.150 and $0.160. The bullish action is likely to continue if the buyers can push the price back, especially above the channel. But if the bears step up, the price could break below the lower boundary of the channel which could find solid support for a rebound.
What Could Be the Next Direction for ADA/USD?
It is apparent that a break above $0.160 could encourage more buyers to increase their entries, eventually pushing the price above $0.165, $170, and $175 resistance levels. On the downside, once the $0.135 support is broken, the sell-off is likely to gain traction with the next focus the recent low of $0.130, followed by the psychological $0.125 reinforced by the 21-day MA.
More so, if the above mentioned-support is broken, the downside pressure may increase while the next support may be created by $0.120, $0.115, and $0.110. The stochastic RSI stays close to the oversold territory and shows signs of reversal.
ADA/BTC Market: Amidst Bullish Dominance, ADA/BTC Flies Up
Against BTC, the Cardano price is making an attempt to cross above the 9-day and 21-day moving averages. Meanwhile, a daily close above the resistance level of 1400 SAT could encourage the bulls to extend the rally towards 1500 SAT and $1600 SAT.
On the other hand, a close below the channel could reverse the price direction towards the daily support at 1100 SAT, further bearish movement could take the coin to the support of 1000 SAT and below. There is a possibility that the price may continue the bullish trend as the stochastic RSI is seen leaving the oversold region with the signal lines pointing to the north.