- ADA/USD is closing a series of bearish candles between the narrow trading range of 1.2200 – 1.1336 levels.
- Elon Musk Underpins Crypto Market – ADA/USD Don’t Bother
- Cardano price forecast: The trade idea is to place a buy trade over 1.1345 level to target 1.2000.
The ADA/USD price continues to consolidate in a narrow trading range of 1.2205 – 1.1344 level. Cardano isn’t trading a lot, even after investors gained confidence over the crypto market’s recovery. Cardano price forecast remains neutral as the pair is tossing in between a trading range of 1.2205 – 1.1344.
At this particular time, the Cardano is trading at $1.1718 with a 24-hour trading volume of $1,355,558,236. Cardano is fell 3.8% so far, and the technical side still seems bearish.
If you are interested in trading ADA/USD with forex robots, check out our guide.
Elon Musk Underpins Crypto Market – ADA/USD Don’t Bother.
The BTC could reach above $33,000 and $33,500 in the near term. Bitcoin’s bullish bias is mainly sponsored by Elon Musk’s continuous support for the top digital currency, including Bitcoin.
The gains in Bitcoin picked up pace after Elon Musk confirmed he held Doge, Bitcoin, and Ethereum. While speaking at the B-Word conference the previous day, Elon Musk confirmed that he had multiple cryptos. The digital assets he held included Bitcoin, Ethereum, and no other than Dogecoin.
Elon Musk is implying that SpaceX holds Bitcoin & Tesla might begin receiving BTC again. Elon Musk discussed about cryptocurrencies in-depth during The B Word interview, explaining that he has Bitcoin, Ether, and Dogecoin.
Tesla bought $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle started. Elon Musk never revealed that SpaceX also owned bitcoins until yesterday’s event.
Musk admitted that he is a big fan of Bitcoin despite his recent uncertainty towards proof of work concepts. In addition to this, Musk said that SpaceX is playing a leading role in Bitcoin’s future. Although, he didn’t define how the space company controls the future of the cryptocurrency market.
The bullish bias in BTC tends to support other cryptocurrencies, covering the Cardano ADA. This way, the Cardano has reported the largest one-day percentage (%) gain since May 31. The bullish trend in the greenback seems to drive a negative impact on the ADA/USD coin pair, at least for now.
Cardano Price Forecast – Technical Outlook: 50 EMA Underpins ADA at $1.1354
Cardano’s price forecast is neutral as the pair has failed to violate the resistance level of 1.2205 level. On the 2-hourly chart, the double top pattern extends strong resistance at 1.2205 and pushes ADA/USD into a bearish zone.
ADA/USD is now closing series of bearish candles in between the narrow trading range of 1.2200 – 1.1336 levels. A bullish breakout of 1.2200 resistance can lead ADA/USD price towards the next resistance level of 1.2893. Alternatively, the violation of the 1.1345 level can extend the selling trend until the 1.0807 level.
Despite all these technical levels, the ADA/USD price forecast remains bullish as the 50 periods EMA (Exponential Moving Average – Red Line) supports the pair at the 1.15000 level.
Consequently, the forex trading participants may look for a buy trade over 1.1345 level to target 1.2000. All the best.
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