Price Analysis

Cardano (ADA) Experiences Intraday Trend Reversal; Trades at $0.0294

  • Cardano, at the time of writing this article, was trading at $0.029 after recording a 6% dip from the weekly high of $0.0315
  • ADA retains immediate support from the 50-day MA, while loses the long-term support from 200-day MA as it experienced an intraday correction
  • The 20-day Bollinger Bands hold a moderate opening, and therefore, we are likely to experience volatility in the upcoming days
  • The price of ADA coin recovered as it rose above 38.20% Fib after marking a weekly low at $0.0278

Cardano appears bullish as it marks an impressive intraday recovery from the trading price of $0.0280 to currently rising above $0.029 and regained the lost support.

Cardano Price Analysis

ADA News
ADA/USD Chart By TradingView

Taking a glance at the intraday price movement of ADA/USD, we see that the coin has been exhibiting an intraday bullish streak yet drawing a potential downtrend and consistent lower highs. However, the candlesticks have turned above the potential downtrend formed, and a further gained momentum is likely to reverse the current trend. This has also taken the price trend of ADA coin above 38.20% Fib Retracement Level along with moderate volatility. Nonetheless, Cardano faced a price accumulation before it marked a weekly high at $0.0315, which is now major resistance. Alongside this, the immediate support for the ADA coin lies at $0.027, followed by $0.025.

However, the intraday volatility has hit the market quite tight as seen, the price of BTC has slid below $6k after a week of bullish crossover. Moreover, the financial crisis has been digging deeper as the virus has been spreading widely.

Technical Indicators

The technical indicators appear bullish as the intraday experienced a trend reversal, and the MACD crossed above the signal line.

Similarly, the RSI of Cardano coin is at 62.12 and is holding a bullish divergence.

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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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