Ethereum (ETH), Cardano (ADA) and TRON (TRX) won amid a general recovery in the cryptocurrency market
The Cardano price hit a new record of $2.54, while the Ethereum rebounded from recent lows to consolidate above $3,200. TRON (TRX), on the other hand, has seen its price rise slightly over the past 24 hours to see buyers targeting a crucial resistance level.
Here’s a perspective for these three currencies coming into the weekend.
ADA/USD: Price Perspective
The daily chart shows bullish strength for ADA/USD supported by the RSI in the overbought territory, while the MACD line is well positioned above the trigger line. Volume has also increased, as has pressure from the buyers’ side. Another positive sign is the rising curve of the 20-day moving average, suggesting further gains.
Currently, the 123.6% ($2.55) Fibonacci retracement level provides the primary resistance level. Bulls are likely to move towards the 161.8% Fib level ($3.03) or higher if the uptrend continues. Going forward, bullish sentiment around Cardano’s smart contracts functionality could be a key pricing factor in the coming days.
ADA/USD daily chart. Source: TradingView
Remarkably, this parabolic rally will definitely attract selling pressure from investors interested in accounting profits. This is a scenario that could bring into play the support levels on the horizontal line at $2.32, the 100% Fib level at $2.25 and possibly the 61.8% Fib level ($1.78)
ETH/USD: Price Perspective
The ETH/USD currency pair continued to climb above $3,200 after rebounding from the 20 EMA and weekly lows of $2,951. As such, the indecision that followed the slowdown appears to be resolving upwards amid general optimism among bulls. The daily chart shows that the ETH price is looking to break above the uptrend line as well as the upper half of a horizontal channel that marked the recent consolidation.
ETH/USD daily chart. Source:TradingView
If bulls breach the uptrend line and the channel barrier, the immediate targets will be between $3,350 and $3,400. Conversely, the ETH/USD could return to the 20 EMA (2.978) with the 50MA providing a robust support zone around $2,484.
TRX/USD: Price Perspective
The price of TRON is seeing an increase in bullish momentum similar to most of the market. The cryptocurrency technical outlook suggests further gains towards the bulls target of $0.10.
4-hour TRX/USD chart. Source: TradingView
We can see that the daily RSI is starting to rally into the positive zone, while the Stochastic RSI is in the overbought territory. The MACD has also formed a bullish crossover, and is now looking to increase and exit the negative zone.
However, there is resistance around the 50% Fib level ($0.089) and the 61.8% Fib level ($0.091). If the price does not exceed these levels, the TRX/USD pair could retreat to immediate support levels around $0.085 and $0.081.