U.S. markets closed
  • S&P 500

    4,134.98
    -38.44 (-0.92%)
     
  • Dow 30

    33,815.90
    -321.41 (-0.94%)
     
  • Nasdaq

    13,818.41
    -131.81 (-0.94%)
     
  • Russell 2000

    2,232.61
    -7.01 (-0.31%)
     
  • Crude Oil

    61.66
    +0.31 (+0.51%)
     
  • Gold

    1,784.00
    -9.10 (-0.51%)
     
  • Silver

    26.19
    -0.38 (-1.41%)
     
  • EUR/USD

    1.2024
    -0.0016 (-0.13%)
     
  • 10-Yr Bond

    1.5540
    -0.0100 (-0.64%)
     
  • GBP/USD

    1.3839
    -0.0094 (-0.67%)
     
  • USD/JPY

    107.9400
    -0.1030 (-0.10%)
     
  • BTC-USD

    51,878.51
    -3,295.14 (-5.97%)
     
  • CMC Crypto 200

    1,202.70
    -40.36 (-3.25%)
     
  • FTSE 100

    6,938.24
    +42.95 (+0.62%)
     
  • Nikkei 225

    29,188.17
    +679.62 (+2.38%)
     

Cardano edges towards major bullish breakout

  • Oops!
    Something went wrong.
    Please try again later.
Oliver Knight
·1 min read
  • 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.