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Cardano (ADA) Breaks out From Long-Term Resistance Line

Cardano (ADA) has created a higher low and is in the process of moving towards the resistance line of its horizontal range.

The post Cardano (ADA) Breaks out From Long-Term Resistance Line appeared first on BeInCrypto.

Cardano (ADA) has created a higher low and is in the process of moving towards the resistance line of its horizontal range.

ADA had been decreasing underneath a descending resistance line since reaching an all-time high price of $3.10 in Aug. 2021. This downward movement led to a low of $0.40 in May next year. 

Despite this low, the price still managed to break out from the descending resistance line. In the period between May – July 2022, the weekly RSI generated a significant bullish divergence (green line). Afterward, the RSI broke out from a descending resistance line that had been in place since March 2021. So, when combined with the divergence, this indicates that a bullish reversal has begun. 

If so, the closest horizontal resistance area is at $1.10, while the closest Fib resistance (0.382) is at $1.44.

Cardano (ADA) Breaks out From Long-Term Resistance Line
ADA/USDT Chart By TradingView

Current ADA range

The daily chart shows that since May’s bottom, the price has been trading inside a horizontal range with support and resistance at $0.46 and $0.645, respectively.

An interesting level is found at $0.544. The level has intermittently acted as both resistance (red icons) and support (green icons) since the end of May. As long as the price is trading above it, an upward movement towards the resistance line would be the most likely scenario.

Furthermore, the daily RSI is above 50 and increasing, supporting the possibility for an upward movement.

Short-term ADA range
ADA/USDT Chart By TradingView

Wave count analysis

Cryptocurrency trader @Altstreebet tweeted a chart of ADA, stating that the price has begun a new upward movement.

ADA wave count
Source: Twitter

Measuring from the July 13 low, the most likely count suggests that ADA has begun a five-wave upward movement (black). If so, it is currently in wave three and sub-wave three (yellow). Therefore, if the count is correct, the rate of increase would be expected to accelerate in the near future. 

ADA wave count
ADA/USDT Chart By TradingView

However, the longer-term count still suggests that the movement is corrective since ADA has completed a five-wave downward movement (black) since the all-time high.

Long-term count
ADA/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Cardano (ADA) Breaks out From Long-Term Resistance Line appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

CFTC charges Digitex founder over illegal crypto derivatives platform

The Commodity Futures Trading Commission (CFTC), has brought charges against Adam Todd, the founder…

The post CFTC charges Digitex founder over illegal crypto derivatives platform appeared first on CoinJournal.

The Commodity Futures Trading Commission (CFTC), has brought charges against Adam Todd, the founder of crypto derivatives platform Digitex, according to court documents filed in a US court.

The futures market regulator is suing Todd over his operating of an unregistered derivatives trading venue in violation of the Commodity Exchange Act (CEA), the filing showed.

Digitex used multiple entities

As per the CFTC charges filed in the Southern District of Florida, Todd is accused of building and operating the Digitex crypto derivatives trading platform illegally. The defendant is said to have used multiple entities to bring his services to the public, with cited entities being Digitex LLC, Digitex Software Ltd., Digitex Ltd. and Blockster Holdings Ltd. Corp.

The CFTC seeks monetary penalties, disgorgement, a ban against Todd and Digitex.

The action against Digitex is the latest complaint by the CFTC against a crypto entity or individual as regulators increasingly spotlight violations across the industry.

Last week, the agency fined founders of bZeroX Tom Bean and Kyle Kistner for violating the Commodity Exchnage Act in their offerig of leveraged and margined products to retailers. The regulator also filed a complaint against decentralised autonomous organisation Ooki DAO.

The post CFTC charges Digitex founder over illegal crypto derivatives platform appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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