Price Analysis

Cardano (ADA) Appears Intraday Bullish; Trades Above $0.130


Cardano, which is a 3rd generation crypto, is working towards removing the limitation which otherwise is possessed by 1st generation Bitcoin and 2nd generation Ethereum. Scalability has been a significant issue for Proof of Work blockchain-based networks, and the trading fees of Ethereum is now as equivalent as Bitcoin that exceeds $1.

On the other hand, Cardano is working towards eliminating all these factors for luring massive networkers towards digitalization and accepting cryptocurrencies with an enhanced use case and adaptability.

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With Shelly in place to hit the market and working of Cardano, the competitors of the network are going to face a tough year ahead. Shelly has been the major throughput for Cardano and is growing impressively throughout the network.

Regarding this, ADA coin price has been spiking and maintaining a stance above $0.100 right after the high it claimed in the early half of the ongoing month. At the press time, Cardano was trading at $0.130, well above $0.10 and $0.11.

Cardano Price Analysis

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ADA/USD Chart By TradingView

Cardano’s price movement in two-time frames has been different yet holds one thing in common is the bullish crossovers after having traded persistently in the last two weeks now. ADA coin, since the beginning of the ongoing month, has been exhibiting a steep surge in the price. Moreover, the currency has grown over 570% in 4 months from crashing and touching the YTD bottom around $0.020 to hitting an approximate 2-year high at $0.135. ADA coin has been on a roll due to its blockchain network of Cardano without any price manipulation.

The technicals here are undoubtedly drawing positive sentiments irrespective of the MACD indicator that holds bearish divergence as the price of ADA pulls back from trading around $0.140 to currently trading at $0.130.

However, Cardano is retaining strong support from MA50 & MA200 at $0.0997 and $0.0602. The 20-day Bollinger Bands do not project any massive volatility in the upcoming days, which has led to increased demand, and the RSI is therefore inclined to the overbought region at 64.82.

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On the other hand, the 25-day movement of ADA coin is holding a constant trade after breaching above $0.100 and $0.11 with complete support from 50-day, 200-day, and 10-day MA. With an intraday gain and bullish candlewick, we see a slight widening of 20-day BB on a 2-hourly chart, which is not a major concern at the moment as the intraday demand has risen above 70 at 74.92 on the RSI graph and the coin is strongly a great investment.

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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