in

Weekly Chart [ADABTC] Reveals Hidden Bullish Divergence in Making, Can ADA Outperform BTC in Q4?

Weekly Chart [ADABTC] Reveals Hidden Bullish Divergence in Making, Can ADA Outperform BTC in Q4?


Cardano (ADA) price recently slipped off its third position to the fourth crypto by market cap, allowing the Binance BNB to take its spot as investors lose enthusiasm. Its current fourth position is also threatened by the USDT stablecoin with a market cap of a little above 69 billion US dollars.

A new decentralized lending protocol ADALend is launched on the Cardano ecosystem, to therefore facilitate immediate access to loans and collaterals, by offering permissionless lending on any crypto pair, incentivized liquidity, community governance, and ecosystem foundation layer.

Cardano’s expansion of its use cases into Artificial Intelligence, a 6 million US dollar fund in Africa, and other interesting milestones on its project road map should keep the Proof of Stake crypto-asset in the top 10 ranking for a long time.

Q3 data from E-Toro, the social trading platform reveals that ADA and XRP are the mo

Pairing an ALT-Coin against Bitcoin BTC is one good way of measuring investor demand and confidence for the project. 

Cardano Price Analysis: (ADABTC) Weekly Chart 

The ADABTC chart from the weekly time frame shows an increase in demand for Bitcoin BTC over the ADA altcoin, with the price chart triggering a bearish divergence on 30 August ’21.

A counter hidden bullish divergence is anticipated as the ADABTC price trades above and near the 26 July ’21 hidden bullish divergence support line.

There’s a probable chance of bullish interest towards the ADA token by the end of Q4 ’21.

Read on for further analysis of the ADAUSDT price chart, as we continue from the weekly time frame and rounding it up on the 4HR time frame.

Cardano Price Analysis: (ADAUSDT) Weekly Chart 

The ADA price triggers a bear-trap candlestick pattern on 20 September and started to form low volume candlesticks contrary to the expected price hike to the upside.

Although we may see low volatility at press time, we still maintain a positive bias toward the ADA coin since the RSI values have not dipped below level-25.

Cardano Price Analysis: (ADAUSDT) Daily Chart 

Zooming down to the daily time frame reveals a clearer view of the ADAUSDT in a range-bound market structure with declining volatility.

A price explosion is usually expected after a breakout or breakdown of the $2.459 and $1.910 resistance and support levels, as we lean toward the upside direction.

Cardano Price Analysis: (ADAUSDT) 4HR Chart 

A final look into the ADAUSDT from the intraday time frame reveals a series of bullish divergence signals alongside a Pin-bar candlestick pattern at press time.

The ADA price is projected to shoot for the $2.375 mark after it breaks above the $2.250 bearish divergence resistance.

Cardano (ADAUSDT) Intraday Levels

  • Spot rate: 1.1782
  • Mid–Term Trend [H4]: Bullish
  • Volatility: High
  • Support: $1.0589, $1.0171, and $0.8861
  • Resistance: $1.2089, $1.400

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Bybit Welcome Bonus: Up to $600 in Rewards

This “DeFi 2.0 protocol” to hold its allocation mining event on Launchpool beginning November 8

XRP Price Could Surge the 5x To Hit More Than $5! But When?

XRP Price Could Surge the 5x To Hit More Than $5! But When?