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Cardano "ADA" Technical Analysis | 31 July 2019

2019-07-31 08:47 am | Resource: Technical Analysis Section | No Views : 61

Cardano Cardano (ADA) against USD last week failed to breach the areas of 0.065 $ due to weakness of the buyers' intention and then fell to areas of 0.0538 $.
During Wednesday's trading, the encoded currency rebounded from $ 0.0538 towards the initial resistance areas which are currently failing to break through.
Cardano "ADA" Technical Analysis | 31 July 2019
The digital currency of Cardano (ADA) is neutral at the moment due to the lack of trading through a specific direction, where trading around the resistance zone on the initial interval 4 hours since the first trading days of the week so far.

Analysis of technical indicators of the digital currency Cardano (ADA):

The ADX indicator is neutral with trading below 20 pips.
The simple moving average and the slow moving SMA are neutral as a result of not trading through a specific direction.
The momentum indicator of MACD with the default settings is neutral at the moment due to weak torque of bulls and bears.

Outlook:

It is expected that, in case of digital currency break area of $ 0.0573, Cardano (ADA) may target the level of $ 0.0512.
On the other hand, if Cardano (ADA) breach $ 0.06352, the encrypted currency may target $ 0.0692.
Support: 0.05132- 0.0478- 0.0429
Resistance: 0.0602- 0.0650- 0.0710
Trend: neutral

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