U.S. Markets close in 1 hr 57 mins
  • S&P 500

    3,830.19
    -1.20 (-0.03%)
     
  • Dow 30

    30,909.85
    -57.97 (-0.19%)
     
  • Nasdaq

    11,324.86
    +2.62 (+0.02%)
     
  • Russell 2000

    1,723.90
    -17.43 (-1.00%)
     
  • Crude Oil

    98.00
    -1.50 (-1.51%)
     
  • Gold

    1,735.30
    -28.60 (-1.62%)
     
  • Silver

    19.10
    -0.02 (-0.11%)
     
  • EUR/USD

    1.0192
    -0.0079 (-0.7644%)
     
  • 10-Yr Bond

    2.9020
    +0.0930 (+3.31%)
     
  • Vix

    27.37
    -0.17 (-0.62%)
     
  • GBP/USD

    1.1933
    -0.0019 (-0.1551%)
     
  • USD/JPY

    135.7300
    -0.1120 (-0.0824%)
     
  • BTC-USD

    20,250.22
    +552.80 (+2.81%)
     
  • CMC Crypto 200

    438.28
    +2.76 (+0.63%)
     
  • FTSE 100

    7,107.77
    +82.30 (+1.17%)
     
  • Nikkei 225

    26,107.65
    -315.82 (-1.20%)
     

Cardano edges towards major bullish breakout

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Cardano (ADA) has been one of the top-performing cryptocurrency assets in 2020, rising by more than 40% against its USD trading pair since the turn of the year.

However, from a technical standpoint, it has now been confronted with the 200 exponential moving average (EMA) on the daily chart, which is acting as a bitter point of resistance.

A breakout here would see Cardano trade above the 200 EMA for the first time since July, one month after it surged to a yearly high of $0.116.

The crucial moving average is currently at $0.046 with Cardano trading just beneath it at $0.044. A level of support has also been established in the $0.041 region, which reinforces Cardano’s bullish posture.

Much of the upcoming price action will also depend on Bitcoin’s movement over the coming week. BTC enjoyed a fruitful weekend with a 5% rally to the upside as it now prepares to take aim at the $8,830 level of resistance.

A breakout for Bitcoin ahead of this summer’s halving event would undoubtedly be positive for altcoins including Cardano, as traders are likely to diversify profits into higher-risk investments.

Cardano is now just $30 million away from regaining a spot in the top 10 cryptocurrencies with a current market cap of $1.163 billion.

For more news, guides, and cryptocurrency analysis, click here.

The post Cardano edges towards major bullish breakout appeared first on Coin Rivet.