Recently, Cardano founder, Charles Hoskinson, has informed that its upgrade Shelly has produced its first block. This is likely to show an impact on Cardano’s viability in the market to another level.
Meanwhile in Cardano land, a Wizard arrives precisely when he means to! pic.twitter.com/rNVOtWlNaz
— Charles Hoskinson (@IOHK_Charles) April 27, 2020
Cardano Price Analysis
ADA coin currently trades at $0.04743 after registering last month’s gain of 68.25%. On March 28, the currency was trading at $0.028189, and then, the coin marked a massive escalation of 30.93%, which took the Cardano price to $0.036907 by April 08. After this tremendous surge, the coin traded stably for the next 2 days, and then it marked a gradual decline over the next week.
On April 16, Cardano price spotted at a low of $0.0307 after declining from $0.03690 by 16.73%. However, after this huge fall, ADA coin gained momentum, and the upward trajectory pushed the price to the highest point of the month at $0.047825. Further, the currency faced corrective pullback, and the price fell below $0.045, but again it managed to recover and spotted at $0.04743 at the time of penning down this analysis.
Cardano holds strong support from its 90 days MA ($0.045327) and 200 days MA ($0.04387). And it has already breached its 90-day MA recently. The RSI of ADA coin has inclined upwards and currently at 67.64. As per the current momentum and technical indicators, the upcoming few days may push the Cardano price to its next resistance around $0.049.
Levels to watch for ADA/USD
Resistance levels– $0.0479, $0.0493 and $0.0509
Support Levels– $0.0449, $0.0432 and $0.0419