Cardano on Bullish Run – Who’s Ready for Another Trading Signal?

The ADA / USD coin managed to stop yesterday’s downtrend and turned positive that day. The bullish bias was compounded by recent optimism about Amazon’s new payments policy, which suggests that Amazon will accept Bitcoin (BTC) as a form of payment on its platform by the end of 2021. The following altcoins will follow: Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH). This headline helped the Cardano (ADA) coin keep the bidding.

Cardano was trading at $ 1.244320, down 10.04% yesterday. This is the most significant one-day loss since June 21st. The losses have been brief, however, as recent positive developments tend to underpin the Cardano coin.

Charles Hoskinson (founder of Cardano and co-founder of Ethereum) also said that Cardano would become one of the big projects in the crypto industry. Several positive comments about Cardano’s future were enough to drive ADA prices soaring.

Stronger dollar weighs in on Cardano (ADA / USD) at $ 1.3000

The uptrend in the US dollar triggered by multiple factors could limit the ADA / USD coin pair’s gains. Cardano price is currently trading at $ 1.28, with a 24-hour trading volume of $ 1,992,265,822. Cardano is up 2.66% in the past 24 hours.

The bullish bias around the US dollar is seen as one of the key factors that has kept additional gains in check for the ADA / USD coin. The broadly based US dollar was able to expand its exchange rate gains at the beginning and remained in strong demand.

The delta variant of Covid-19, which is widespread around the world, raised doubts about the recovery of the global economy, which tends to support the safe haven of the US dollar. Hence, the declines in the greenback were seen as one of the critical factors that helped contain the losses in ADA prices.

Morningstar – Three cryptos could make a “big three”

The strategist at Morningstar, an American financial services company, said three cryptos, including Cardano (ADA), could form a “big three” of the mainstream cryptos.

Meanwhile, Amazon has announced that it will accept Bitcoin (BTC) as a form of payment on its platform from the end of 2021, and Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will follow suit.

This statement appeared immediately after the online shopping giant published a post for a corresponding job posting. The position is for a “head of the blockchain and cryptocurrency”. At the moment, it seems like the brand is only planning to enter the crypto market, but this is helping ADA prices keep the bid.

ADA / USD Coin Prediction – Cardano goes below $ 1,3800

Technically, ADA / USD is trading exactly in line with our July 27 forecast. The Cardano coin is supported at the 1.2208 level which is expanded by an upward trend line. On the higher side, the double top pattern expands resistance to the ADA / USD coin at 1.3806.

The ADA / USD coin recently closed a bullish engulfing candle above 1.2200 and this appears to be our chance to take another long position in Cardano. MACD and RSI support a bullish bias; Hence we aim for a buy trade at 1.2800 to target 1.3500. Much luck!

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