Cardano Appears Short-Term Bullish; Trades at $0.096
With DeFi taking over the majority of the place in the crypto space, Ethereum—the major altcoin of the global market is lacking the qualitative breakthrough which is present in this third generation crypto—Cardano. Cardano—as a smart contract platform ticks all the checkboxes of being a lucrative crypto amongst the top 15 cryptos of the market. However, after sliding from $0.100, ADA coin was notably bearish until it corrected upwards from the monthly lows of $0.0755.
#DeFi proves that user demand for smart contracts transactions is huge. It is very positive but #Ethereum is not able to satisfy the demand. Thus, transactions are slow and expensive. There is a lot of space for other platforms like #Cardano to take over a part of the user base. pic.twitter.com/o0XLse4ryt
— Cardanians 🚀 stake with CRDN3 (@Cardanians_io) October 4, 2020
Moreover, Cardano with all its regular updates and Shelly project on the go, this third generation crypto has lured massive impetus, however, the price dynamics remain weak despite a bullish crossover in the short-term.
Cardano Price Analysis:
Cardano, at the time of penning down this analysis was seen trading at $0.0963 after drawing a bullish crossover from the previous week’s trading scenario. After spiking above $0.095, ADA/USD has crossed above 61.80% Fib Retracement Level on the 2-hourly chart. However, the intraday resorts to bearish candlesticks, but the movement draws a positive bias after rising from the monthly bottom of $0.075 against the greenback.
Moreover, it was until the beginning of the month when ADA coin was seen consolidating below 61.80% Fib Retracement Level before the altcoin market regained the lost momentum. Despite the bullish crossover at present, the market sentiment remains immensely volatile as we see the price trend of ADA/USD fluctuating around 50.0% and 61.80% Fib Retracement Level.
With the recent bullish divergence, Cardano is holding a complete support from 50-day and 200-day MA at $0.095 and $0.092 on hourly chart. However, with intraday setback, the RSI of the coin exhibits pull back from the overbought region and currently lies at 51.56.