- ADA/USD is trading at the narrow end of a contracting triangle pending an upside breakout.
- The Cardano Vietnam meetup is taking place today (July 25) at the CGV Cinema.
Cardano ignored the recent bullish trend in the market led by Bitcoin (BTC) which not only broke above the long-term key resistance at $8,000 but also traded above $8,300. However, the wait for Cardano’s bullish trend is approaching an end and a breakout is quite imminent. Besides, ADA/USD is trading at the narrow end of a contracting triangle on the 2-hour timeframe chart pending an upside breakout.
Cardano price has been capped below the resistance at $0.180 since July 20. The bearish trendline is also limiting the gains. On the downside, the crypto is testing the immediate support at the 61.8% Fib retracement level with the last swing high of $0.19 and a swing low of $0.12 at $0.168. The 50 Simple Moving Average has failed to hold at $0.170, but the longer term 100 SMA is will stand its ground in case the current bearish trend extends towards $0.16 (50% Fibonacci level).
The supply zone at $0.180 is a critical breakout point likely to pave the way for ADA/USD to recoil towards $0.20. The MACD momentum indicator is on the positive side, confirming that the buyers still have some buying power left, however, it is heading south signalling growing selling pressure.
In other news, the Cardano Foundation is excited to announce the first ever Cardano meetup in Vietnam. The meetup is taking place today (July 25) at the CGV Cinema, Golden Plaza. The topics for the day “will focus on practical and hands-on topics. Participants recommend engineers, researchers, entrepreneurs, C-level executives, reporters and blockchain enthusiasts.”
ADA/USD 2-hour chart
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