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- The trend in ADA / USDT prices is increasingly positive for bulls.
- EmurgoHK collaborates with IronFX to launch a cryptocurrency exchange, IronX.
Cardano's ADA showed a good recovery in the last sessions, after a key support area was opened in October. The Cardano Foundation continues to see news of support around them.
Emurgo HK launches the exchange of cryptocurrencies
At the beginning of the week, EmurgoHK, the venture builder for the Cardano blockchain protocol, announced that it will launch a cryptographic exchange. This would see ADA becoming the base currency for the exchange. EmurgoHK will collaborate with IronFX for this early launch.
IronFX is a regulated FCA broker, which offers users a platform to speculate on forex and other markets. Both EmurgoHK and IronFX will create this platform known as IronX. It will be a fully regulated and supported exchange for cryptor investors, online merchants and ICOs.
Technical review – ADA / USDT
ADA / USDT daily table
ADA / USDT has been traded within a triangular model. This had been the case for 19 yearsth September, the price action was dictated within the training. Sales pressure hit the market with some strength at 29th October. As a result, a break was seen below the lower support of the model.
The above violation, about $ 0.0730, saw the trend line give way. Over two sessions, the ADA / USDT fell to 7%, up to $ 0.0678. Downward pressure seems to be limited, thanks to an area of demand.
After the rebound, in the last 6 sessions, 5 of the ADA / USDT ones produced a closure in the green – demonstrating the strength of this current bullish momentum. The price of the delay flirted around the broken triangular pattern.
Review of 4-hour charts
4-hour chart of ADA / USDT
Looking through the 4-hour chart view, a candlestick can be seen above the initial lower support of the model. This is a technical development that bulls should capitalize on, with another firm candle furthest from that trend line.
The next short-term goal for the bulls will be the upper trend line of the triangular model. This is monitoring at $ 0.0780. Therefore, if there was enough momentum to see this tested and breakout, it will likely open a new wave of buying pressure.
Ultimately, if such a move resolves, the eyes will be in the supply area above. It can be observed to fluctuate well into the territory by $ 0.0900. The ADA / USDT was traded for the last time here on the 23rdrd September, before the bears filled up to see a strong selling pressure.
In terms of support, as mentioned earlier, a demand area is viewed within the $ 0.0700 low area. Furthermore, $ 0.0600 has shown to see decent buyers rushing in, as shown on the 12thth and 18th September.
Finally, given all the developments mentioned above, both technically and recently, it is favorable to the bulls. Finally, a confirmation would probably be found if ADA / USDT made a run of more than $ 0.0780-0.0800. As a result, seeing the price over the triangular formation.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
