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NewsPrice Analysis

Cardano to Pull back after Approaching $1.44 Target

Briefly –

  • Recently, Cardano’s price swept the $1.373 highs of 12 June, a level near the coin’s $1.44 target.
  • If ADA maintains an uptrend, it may slice the supply area, extending to $1.5 from $1.44.
  • Traders should expect ADA to retrace before it can test the resistance mentioned earlier.

Cardano’s explosive price moves ended on 26 July as the altcoin shifted to sluggish and consolidative upside trends. With such actions, ADA managed to slide through a critical resistance zone, targeting the following barrier.

Although this price development appeared tiresome, ADA has possibilities to endure a pullback. With that, investors have to monitor the coin’s retracements towards steady support areas.

Remember, Cardano managed to pierce the $1.373 high on 12 July but failed to maintain over the level on 26 July. Meanwhile, the pullback from the failure triggered another uptick on 1 August that didn’t manage to close over $1.373.

A 9-Hr candle appeared following ADA’s two failed attempts, closing over $1.373. However, it is still uncertain whether the move will hold. If bulls defend this zone to propel the token higher, ADA will test the supply area, $1.44 – $1.50.

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Meanwhile, the slow and stable uptrends show that the altcoin experiences diminishing momentum. With that, traders may expect a price pullback to $1.304 and 50% Fib retracement or the support level at $1.252.

Although the Cardano’s price might seem unwelcoming, a decisive close over $1.495 will annul the bearish narrative, indicating bulls’ presence.

With such price moves, ADA might retest the resistance point at $1.61.

The Crypto Market

Top digital coins saw mixed sessions on Friday following the ETH update. Only four of the top-ten assets traded lower today as UNI, ETH, and BTC registered substantial gains.

Ethereum passed the London update, designed to steady transaction costs as reduce Ether token supply, on Thursday. That saw the second-largest cryptocurrency reversing its losses.

Mudrex CEO stated that the crypto market saw fantastic sessions recently, BTC surpassing $40k as ETH hovered near $2,800.

Keep in mind that most digital coin depends on the two leaders, BTC and ETH, to determine their next move.

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Comment your views below.

Adeline Gibbs (Italy)

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stays up-to-date with latest happenings in crypto world.

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