Price Analysis

Cardano (ADA) Drops After Reclaiming Yearly High Yet Appears Bullish

Cardano, at the time of penning down, was trading at $0.0701, and on the 2-day chart, it was holding a bearish divergence after plummeting from the yearly height. It was just at the onset of the month when ADA coin restored around yearly highs above $0.090 and eventually retains complete support from 50-day and 200-day MA at $0.047 and $0.052, respectively.

Since the beginning of the ongoing year, Cardano has been performing amazingly well and has restored its lost momentum after the massive market crash in March. The 20-day Bollinger Bands laid are projecting unprecedented volatility on the given 2-day chart against the greenback.

Moreover, the ADA/USD was on a continual downturn since the second half of the previous year until it regained the lost pace since the start of the ongoing year.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On the 2-day chart, Cardano appears bearish against the US Dollar for the past ten days now after reclaiming yearly highs above $0.090. However, the coin is already trading in green if we examine the YTD performance. Moreover, the altcoins of the market have been performing better than the king of the crypto—Bitcoin and the former is luring investors to the network with a bullish crossover even after falling from the yearly high, as exhibited on the 2-day chart.

The technicals are bullish due to no steep fall and active intraday support, and the MACD is seen crossing above the signal line. Similarly, the RSI of Cardano is at 56.37 and is seen sliding from the overbought region after the correction from yearly high.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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