Cardano (ADA) Technical Price Analysis, June 18, 2018

Cardano (ADA)

Cardano is trading near the critical support of $0.13 for the past few days. The last time prices had declined to the $0.13 levels in mid-March to early-April of this year, they had stayed there for approximately three weeks. The gradually sloping moving averages point to the similar consolidation this time.

In April, the ADA/USD pair started an up move after it broke out of the 20-day EMA with force. The rally carried the digital currency from the bottom of the range to the top of the range.

This time too, we shall wait for prices to break out and sustain above the 20-day EMA before suggesting any long positions.

Any breakdown of the $0.13 levels on a closing (UTC) basis will be a negative development and will invalidate our assumption of a range formation in the digital currency.