Price Analysis: Cardano, Ethereum and TRON


Ethereum (ETH), Cardano (ADA) and TRON (TRX) all won amid a global crypto market rally

Cardano the price hit a new record high of $ 2.54, while Ethereum rebounded from recent lows to consolidate above $ 3,200. TRON (TRX) on the other hand, has seen its price rise slightly over the past 24 hours to see buyers aim for a crucial resistance level.

Here’s a look at these three pieces for the weekend.

ADA / USD Price Outlook

The daily chart shows bullish strength for ADA / USD supported by the RSI in overbought territory while the MACD line is well placed above the signal line. The volume also increased, adding to the buying pressure. Another positive signal is the rising curve of the 20-day moving average, suggesting further gains.

Currently, the 123.6% Fibonacci retracement level ($ 2.55) provides the primary resistance level. Bulls will likely move towards the 161.8% ($ 3.03) or higher Fib level if the uptrend continues. Going forward, bullish sentiment around Cardano’s smart contract functionality could be a key price factor over the next few days.

ADA / USD daily chart. Source: TradingView

Notably, such a parabolic rally will certainly attract selling pressure from investors keen to make a profit. This is a scenario that could bring into play horizontal line support levels at $ 2.32, the 100% Fib level at $ 2.25 and possibly the 61.8% Fib level (1.78 $)

ETH / USD price outlook

ETH / USD continued to climb above $ 3,200 after bouncing off the 20 EMA and weekly lows of $ 2,951. As such, the indecision that followed the downturn appears to be resolving to the upside amid general optimism among the bulls. The daily chart shows that the price of ETH is looking to break above the ascending trendline as well as the upper half of a horizontal channel that marked a recent consolidation.

ETH / USD daily chart. Source: TradingView

If the bulls break the uptrend line and channel barrier, immediate targets are north of $ 3,350 and $ 3,400. On the contrary, ETH / USD could move back to the 20 EMA (2,978) with the 50MA providing a robust support area around $ 2,484.

TRX / USD Price Outlook

TRON price is experiencing a slight increase in bullish momentum similar to the majority of the market. Technical outlook for the cryptocurrency suggests further gains towards the bulls’ $ 0.10 target.

4 hour TRX / USD chart. Source: TradingView

We can see that the Daily RSI is starting to rise in the positive zone, while the Stochastic RSI is in overbought territory. The MACD has also formed a bullish cross and is looking to move up and out of the negative area.

However, there is resistance around the 50% Fib ($ 0.089) and 61.8% Fib ($ 0.091) level. If the price does not break above these levels, the TRX / USD could retreat to immediate support levels of around $ 0.085 and $ 0.081.

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