Cardano (ADA) Initiates Price Recovery with a 4.43% Gain Overnight

  • Cardano managed to recover from yesterday’s slump in a day-long movement
  • It may soon cross its strong resistance area of $0.0457

After a series of price corrections, the ADA coin finally seems to have forwarded towards a stable upside movement. Over the last 24 hours, Cardano has managed a price recovery of 4.43%. At the time of writing, the currency was trading around $0.04381. The short-term outlook is likely to be bullish for the coin.

Cardano Price Analysis

ADA News
ADA/USD Chart By TradingView

Yesterday, Cardano started dealing at $0.04195, and in the next 10 hours of the day, it got a push of 4.04%, and the price reached $0.04365. The next variation came as a surprise to the market when ADA coin corrected downwards and lose 3.70% in just 3 hours. The price got to the lowest point of the day at $0.04203 by 13:14 UTC. However, the currency has started showing strength since then.

By 01:37 UTC today, Cardano price ballooned up by 4.65% to be placed at $0.04399. The ace point for the day came towards the end of the day at $0.04433. ADA coin’s price has managed to stay above its 50 days MA ($0.04378). However, it is lagging behind its 20 days MA ($0.04388).

As per the current momentum of Cardano, it is likely to retain this upward momentum for some more days. And hence, the next resistance to come by $0.0457. However, investors should be ready for any unprecedented moves on the intraday scale.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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