ADA, Matic, KDA – 15 Aug Trading Analysis | Cryptocurrency News

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what a coin is, then dive into trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform with the stated goal of allowing “changemakers, innovators and visionaries” to drive positive global change. The open-source project aims to “redistribute power from irresponsible structures to marginalized individuals”, helping to build a society that is more secure, transparent and fair. Cardano is used by agricultural companies to track fresh produce from farm to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof manner, and allow retailers to track counterfeit goods. allow to block.

ADA price analysis

At the time of writing, ADA is ranked 6th cryptocurrency globally and the current price is US$0.5774. Let’s take a look at the chart below for price analysis:

Source: trading view

From its Q2 high, ADA declined nearly 70% before finding support near $0.3960. The price is consolidating since it settled lower and is currently testing the support near $0.4929. Despite a sharp decline in the market since mid-June, this level remains as a support.

It is reasonable to expect a brief decline in price through this level to drive bull stops below the $0.4506 and $0.4350 swing lows before any possible rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.4072 could provide support.

If this area acts as support, the first resistance for the bulls is likely near the $0.6510 level. Here, the 40 EMA and an inefficiently traded area converge at the upper part of the local range.

Breaking this resistance could lead to resistance near $0.7490, just above the June monthly open. This level places several bearish stops, is near old broken support, and is traded inefficiently on the monthly and daily charts.

2. Polygon (MATIC)

Polygon Matic is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is the Polygon SDK, a modular, flexible framework that supports building a wide variety of applications. The MATIC token will continue to exist and play an important role in securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked 14th cryptocurrency globally and the current price is US$1.02. Let’s take a look at the chart below for price analysis:

Source: trading view

Since its Q2 high, MATIC has been in a stable bearish trend, gaining support near the 78% retracement level and the 65.8% retracement level near $0.4820.

Last week’s bullish momentum may have marked the start of a new trend. If so, the higher time frame suggests that the bulls may see interest near $0.9130, a 45.8% retracement and near the 9, 18, and 40 EMAs. The price is likely to reach a low of $0.8520 and still find support.

Currently, the price is contesting in the region between $0.8239 and $0.8025. A close at this level could confirm it as new support, leading to a move higher.

However, the bulls are facing a potential resistance near $1.15 while $1.25 is also likely to be sensitive with the nearest support and resistance.

3. Kadena (KDa)

Kadena KDA is a proof-of-work blockchain that combines Bitcoin’s PoW consensus mechanism with Directed Acyclic Graph (DAG) principles to offer a scalable version of Bitcoin. Kadena claims that it can provide the security of bitcoin while being able to offer unparalleled throughput that makes the blockchain usable for enterprises and entrepreneurs alike. Kadena’s unique infrastructure is decentralized and built for mass adoption due to its multi-chain approach.

kda price analysis

At the time of writing, KDA is ranked the 104th cryptocurrency globally with a current price of $2.14. Let’s take a look at the chart below for price analysis:

Source: trading view

KDA climbed 60% from mid-June lows, breaking a bullish market structure on the daily chart.

The aggressive bulls may find nearest support near the August open near $2.00. This level will show inefficient trading on the daily chart after Monday’s candle close.

If there is a break above this level, the next support could be near the $1.85 level. This level is near the 61.8% retracement level. It is also near the 9, 18 and 40 EMAs, with accumulation highs on the weekly chart.

A downside break could reach $1.78, where the bulls rejected the weekly bears. However, this one step may be less than that. The bulls have a stop near $1.70 and a large area of ​​inefficient trading on the weekly provides little support to prevent a more significant decline.

The nearest resistance is near the June Monthly Open near $2.30 to $2.45. This area showed inefficient trading on the weekly chart. The price has crossed this zone several times, but it could again provide some resistance.

If the market rally continues, $2.57 may act as the next resistance. This level indicates inefficient trading on the daily chart. It is also on the low end of inefficient trading on the weekly and monthly charts.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on the Binance exchange, which can help to trade on the AUD/USDT/BTC pairs. And if you’re looking to buy and hoddle crypto, Swyftx Exchange is a popular easy-to-use option in Australia.

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