Price Analysis: Cardano, Ethereum and TRON

1 month ago 13
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Ethereum (ETH), Cardano (ADA) and TRON (TRX) have all gained amid an overall crypto market rally

Cardano price has hit a new all-time high of $2.54, while Ethereum has rebounded off recent lows to consolidate above $3,200. TRON (TRX) on the other hand, has seen its price increase slightly over the past 24 hours to see buyers targeting a crucial resistance level. 

Here’s an outlook for these three coins going into the weekend.

ADA/USD Price Outlook

The daily chart shows bullish strength for ADA/USD as supported by the RSI in the overbought territory while the MACD line is well placed above the signal line. Volume has also picked up, adding to the buy-side pressure. Another positive signal is the upsloping curve of the 20-day moving average, suggesting further gains.

Currently, the 123.6% Fibonacci retracement level ($2.55) provides the primary resistance level. Bulls will likely move towards the 161.8% Fib level ($3.03) or higher if uptrend continues. Going forward, the bullish sentiment around Cardano’s smart contracts functionality could be a key price driver over the coming days. 

ADA/USD daily chart. Source: TradingView

Notably, such a parabolic rally will definitely attract selling pressure from investors keen to book profits. This is a scenario that could bring into play support levels at 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 Outlook

ETH/USD has continued to surge above $3,200 after rebounding off the 20 EMA and the weekly lows of $2,951. As such, the indecision that followed the downturn appears to be resolving upwards amid general optimism among bulls. The daily chart shows that the ETH price is looking to break above the ascending trendline as well as into the upper half of a horizontal channel that has marked recent consolidation. 

ETH/USD daily chart. Source: TradingView

If bulls break above the uptrend line and the channel barrier, immediate targets lie to the north of $3,350 and $3,400. On the contrary, ETH/USD could retrace to the 20 EMA (2,978) with the 50MA providing a robust support zone around $2,484.

TRX/USD Price Outlook

TRON’s price is seeing an uptick in bullish momentum similar to the majority of the market. The cryptocurrency’s technical outlook suggests further gains towards bulls’ target of $0.10. 

TRX/USD 4 hour chart. Source: TradingView

We can see the daily RSI is beginning to rise in the positive zone, while the Stochastic RSI is in the overbought territory. The MACD has also formed a bullish crossover and is looking to increase and move out of the negative zone.

However, there’s resistance around the 50% Fib level ($0.089) and 61.8% Fib level ($0.091). If the price fails to break above these levels, TRX/USD could retreat to immediate support levels around $0.085 and $0.081.

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