Price Analysis

Cardano Bulls Overcome Volatility; Price Steps Up Stably

  • Cardano price chart clearly shows how the coin along with the market is thriving 
  • The currency is likely to continue the bullish trendline, and it is recovering from short-term price dip
  • ADA/USD has soared by more than 14% over the last 5 days 

It seems the crypto market’s efforts to come out of the deadly bearish spiral that took place due to the novel Coronavirus pandemic have not gone futile. The majority of the altcoins are efficiently overcoming the volatile spell to attain maximum recovery.

The total market capitalization of all the crypto coins is forming a straight bullish path since May 12, and now since yesterday, it shows a bit of consolidation. Resonating to the same, Bitcoin, which holds a significant dominance over the market, is holding a tight grip above $9300.

Cardano Price Analysis

ADA News
ADA/USD Chart By TradingView

Cardano’s price has attempted to have some impressively bullish price moves above $0.050. However, today’s corrections have taken the ADA price at $0.050; while the coin seems stable and inclined to go higher, the possibility of downside momentum can not be denied at this point in time. Cardano price is about to cross the 78.61% fib level with a positive bias soon.

Notably, from May 10 to 12, ADA was largely range-bound between $0.045 to $0.049. Here, the price level near $0.045 seems to be a reliable support level.

Cardano exhibits bullishness when it comes to the technicals. The coin has just moved above the 200-day EMA line, and the MACD indicator is already in the bullish zone.

Tags

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button
Close