ADA and TRX daily price analysis
According to the opinion of dagx.live financial analyst Peter Smith, Cardano (ADA) has broken out of the resistance at $0.10. This is a positive sign as it completes two bullish setups: an ascending triangle pattern and a rounding bottom pattern. These patterns have a target objective of $0.1407239 and $0.171729 respectively. If these levels are crossed, the rally can even extend to $0.20. Both the moving averages are sloping up and the RSI is in positive territory, which suggests the bulls have the upper hand.
Therefore, traders can buy on a breakout and close above $0.10 and keep an initial stop loss of $0.070, which can be raised later. There is a minor resistance at $0.111510. If the price struggles to break out of it, traders can close their positions, advises Smith from dagx.live. However, as the ADA/USD pair has consolidated close to $0.10 for the past many days, Smith expects $0.111510 to be crossed easily.
Contrary to his assumption, if the pair plummets below $0.10, it can remain range-bound between $0.0738869 and $0.10 for a few days. If this range breaks down, the fall can extend to $0.0592761.
Tron (TRX) is facing resistance just above $0.040. Peter Smith from dagx.live, said that the bulls pushed the price above the resistance but could not sustain it. However, both moving averages are sloping up and the RSI is in the positive territory. This suggests that bulls have the upper hand.
If the TRX/USD pair rises and sustains above $0.040, it can rally to $0.50. On the other hand, if the price reverses direction from the current level, it can fall to the 20-day EMA. If this support also cracks, the pair can correct to $0.029. The risk to reward ratio is not attractive, hence, Smith from dagx.live is not suggesting long positions in it yet.