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Cardano Price Analysis ADA / USD: Racing To A 2019 High

Large head and shoulder patterns dominate the outlook.

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  • Cardano has a bullish short-term trading outlook, with the cryptocurrency briefly advancing to a fresh 2019 trading high
  • The four-hour time frame is showing that complex inverted head and shoulders pattern is unfolding
  • The daily time frame is showing that a huge bullish pattern continues to take shape on the daily time frame

Fundamental Analysis

ADA price is currently holding strong in anticipation of the Shelley upgrade. Recently, the project announced the release of the testing program, the first step in the rollout of the Shelley testnet. It will allow users to start testing Cardano staking mechanisms that will be used in the upcoming upgrade.  


Cardano / USD Short-term price analysis

Cardano has a bullish short-term trading outlook, with the cryptocurrency briefly advancing to a fresh 2019 price high.

SIMETRI Research

The four-hour time frame is showing that a complex inverted head and shoulders pattern continues to take shape, with bulls repeatedly failing to ignite the bullish pattern.

Technical indicators on the four-hour time frame are starting to turn lower as upside price exhaustion weighs on the ADA / USD pair.

 

ADA H4 Chart June 24, powered by Trading View
ADA / USD H4 Chart by TradingView

                                                                                

Pattern Watch

Traders should note that repeated technical failure around neckline resistance may provoke an important test of the ADA / USD pair’s 200-period moving average.

Relative Strength Index

The RSI indicator on the four-hour time frame is turning lower and fast approaching neutral conditions.

MACD Indicator

The MACD indicator on the four-hour time frame is attempting to turn bearish as short-term selling pressure builds.


Cardano / USD Medium-term price analysis

Cardano has a bullish medium-term trading outlook, with the cryptocurrency recently testing towards major resistance on the daily time frame.

The daily time frame is showing that an extremely large inverted head and shoulders pattern has formed, with the ADA / USD pair consolidating below neckline resistance.

Technical indicators on the daily time frame are bullish and still show scope for further upside.

 

ADA Daily Chart Powered by Trading View
ADA / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that the July 2018 trading high is the overall bullish target of the large inverted head and shoulders pattern on the daily time frame.

Relative Strength Index

The RSI indicator is bullish on the daily time frame and still has scope to trade higher.

MACD Indicator

The MACD indicator on the daily time frame is bullish, although it is issuing a fairly weak buy signal.


Conclusion

The recent move higher in the ADA / USD pair has helped to complete the formation of an extremely large bullish pattern on the daily time frame with significant upside potential.

While Cardano’s medium-term credentials are undoubtedly bullish, the four-hour time frame is warning of a deeper correction lower if buyers continue to fail around neckline resistance.

 

Check out our coin guide for the Cardano project.

Cardano also received the DARE treatment, a full analysis of its merits and challenges.

 

Cardano Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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The Analyst Team
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