ADAUSD pushes through Friday's high
Cardano/US Dollar Index (ADAUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
ADAUSD ended Saturday at 0.1447 gaining $0.0051 (3.65%). Closing above Friday's high at 0.1415, Cardano confirmed its breakout through the previous session high after trading up to $0.0062 above it intraday.
Daily Candlestick Chart (ADAUSD as at Aug 01, 2020):
Saturday's trading range has been $0.0085 (6.09%), that's slightly below the last trading month's daily average range of $0.0096. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ADAUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, ADAUSD actually lost -6.17% on the following trading day.
Prices are trading close to the key technical resistance level at 0.1515 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.1515 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.1366 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ADA/USD. Out of 157 times, ADAUSD closed lower 56.05% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more