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Cardano surged nearly 42 percent in 72 hours after Coinbase announced that users would be able to deposit ADA into their Coinbase Pro accounts and begin trading until liquidity requirements were met. Waves have moved towards its short-term range tops, while Verge continued to climb on the charts.
Any degrees of retracement were plotted using the Fibonacci retracement technique for ADA’s surge from $0.81 to $1.48 in late February. ADA was consolidating only above the 61.8 percent retracement stage prior to the latest rally to $1.4.
When the bears gathered momentum and smashed through the 50% retracement mark at $1.09, the preservation of the $1-level as a technical and psychological barrier became crucial for bullish hopes. Buyers entered the market at the $1 mark, pushing the price up to $1.4. However, ADA has since corrected to $1.27, with a candlewick to the 38.2% retracement stage at $1.17.
Even if the RSI bounced off 50, the Stochastic RSI was in oversold territory. This signalling a potential upward step, and a break above the $1.3 level might see ADA return to $1.4 territory.
The Fibonacci retracement levels for WAVES’s decline from $14.2 to $7.7 were plotted in white. WAVES had risen above the 50% retracement mark at $10.45 at the time of publication. However, a spectrum of WAVES seemed to have formed during the past week was plotted in cyan.
WAVES have been refused twice now at the range highs of $10.8. According to the MACD, two possibilities will play out as the market approaches the highs for the third time with bullish momentum behind it.
WAVES will sink to the $10.1 level if the range tops are refused, while a leap higher will meet opposition about the $11.2 level.
XVG was traded within an ascending channel (cyan), and a breakout over $0.0334 would set a target of $0.0411 for XVG based on the 27 percent Fibonacci extension stage.
The OBV was comfortably higher than the $0.0279 double top it established in February. The 50-period exponential moving average (yellow) was well below the price, suggesting good bullish momentum.