Name Price24H (%)
Bitcoin (BTC)
$8,725.00
9.34%
Ethereum (ETH)
$266.68
7.42%
XRP (XRP)
$0.411232
7.61%
Litecoin (LTC)
$114.10
12.69%
Market Analysis

Cardano Analysis Tuesday 16th April

Cardano (ADA) has seen a greater than 400% gain since mid-December 2018. Unsurprisingly, it has been one of the best performing coins during this time period. Having hit a 7-month high of over $0.10, ADA’s general bias still seems bullish. Having been backed by continual positive fundamental news including Coinbase listing and Ledger support, ADA is considered by some to be a potential “Ethereum killer”.

The daily chart shows us that a (well due) correction may well be taking place. The high of $0.1037 has been followed by a stalling in price action around the $0.08 level. With key weekly resistance at $0.0898, the price has fallen into a previous consolidation zone between $0.0804-0.0868. The current descending trend line is key. Should we see that finally broken, $0.10-0.12 are the next logical next upside targets. $0.14 is a longer-term upside target.

However, should there be a more significant correction, a fall out of the $0.0804 consolidation zone, could see a fall down to the $0.0633-0.663 region. This may just be seen by many as a great opportunity to increase their investment holdings.

 

  1. Avatar

    Björn Brockhus

    May 5, 2019

    Nice peace of analysis!
    5 may – With ADA already touched the 0.0633 region, and a potential pullback of BTC to the 4750-4950, it is the question how the alts, and in this casa ADA will behave. I am definitely intending to increase my holdings in ADA. Therefore my downside targets are 0.065 and also 0.0585. My question is: Is there any way to determine how the alts are going to behave compared to BTC? Thank you for reading!

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