After the news from Coinbase that users can deposit ADA to their Coinbase Pro accounts and start trading once the liquidity conditions are met, Cardano saw a nearly 42% increase within 72 hours. Waves, on the other hand, was pushed towards the high of the short term range.
Cardano (ADA) price analysis
When we use the Fibonacci correction tool to track the ADA move from $ 0.81 to $ 1.48 at the end of February, we can plot some retracement levels. ADA was consolidating just above the 61.8% retracement level before the latest increase to $ 1.4.
When the bears broke the 50% retracement level at $ 1.09, defending the $ 1 level as both a technical and a psychological level was vital for bullish hopes. The demand for $ 1 resulted in buyers filling the market and the price dropping to $ 1.4. Since then, the ADA has adjusted from $ 1.17 to the 38.2% retracement level by a candle holder to $ 1.27.
The stochastic RSI was in the oversold zone even when the RSI jumped below 50. This indicated a possible upward move, and a break above $ 1.3 could push the ADA up to $ 1.4 once again.
Waves (WAVES) price analysis
Fibonacci retracement levels are marked white on the chart for WAVES to drop from $ 14.2 to $ 7.7. At the time of writing, WAVES has surpassed the 50% retracement level at $ 10.45. However, the range drawn in cyan was the range that WAVES was in for the past week.
The highest part of the $ 10.8 range has rejected WAVES twice. According to the MACD, two scenarios may arise as the price approaches higher for the third time with an upward momentum.
In the December highs, a rejection will drop WAVES to the $ 10.1 mark, while a higher move will see WAVES face some resistance at the $ 11.2 level.