Baxia Markets
October 20, 2023

ADA & AVAX: A Glint of Hope as Key Support Holds Strong

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ADA & AVAX: A Glint of Hope as Key Support Holds Strong

Cardano (ADA) has seen a significant transformation from its all-time high (ATH), plummeting over 90% to reach $0.2480 as of the latest trading data. Fortunately, Cardano appears to have secured a reliable support level around $0.2425, outlined within a distinct blue rectangle. Furthermore, the digital asset is currently positioned comfortably above both the EMA 50 and EMA 200, a promising indication that a golden cross may be on the horizon. This bullish development could pave the way for a rally that breaks through the key level resistance contained within a magenta-colored rectangle. Analyzing the MACD, it becomes evident that the histogram and signal line are stationed above the 0 line, delivering a bullish signal. When considering the volume profile, ADA's price action remains above the value area, marked in pink, affirming a prevailing bullish sentiment.

On the other hand, AVAX, with a current price of $9.23, parallels Cardano's (ADA) promising setup. AVAX too resides comfortably above both the EMA 50 and EMA 200, pointing toward the potential emergence of a golden cross. This anticipates a bullish breakout that could breach the key level resistance within an analogous magenta-colored rectangle at 9.41. The MACD signal also aligns with this optimistic outlook, as the histogram and signal line maintain positions above the 0 line. The volume profile is yet another indicator backing a bullish sentiment, with the price securely above the pink-delineated value area. In case market goes the opposite, key level support area to watch is at the bottom of the volume profile's pinked colored value area.


Both Cardano (ADA) and AVAX present compelling cases for bullish sentiment, with technical indicators and support levels favoring potential upward price movements.

Key Economic News to Watch Today

Japan, Retail Sales

Forecast 2.7% vs Previous 3.1%

UK, Retail Sales

Forecast -0.2% vs Previous -1.3%

Germany, PPI

Forecast -6.4% vs Previous -13.5%

Canada, Core Retail Sales

Forecast 0% vs Previous 1.0%

Canada, Retail Sales

Forecast -0.3%  vs Previous 0.3%

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