Cardano Finally Starts an Uptrend; Corrections Taking Place Today

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  • ADA price is about to have a crossover with 200-day EMA line
  • Yesterday, the coin has maintained a steady price surge for the better part of the day
  • Cardano has faced a bit of price pullback today; technicals have started to move towards the bearish phase already
  • The coin holds a support level above the 38.20% Fib level; yesterday’s surge took the price up by more than 10%

ADA price was away from volatility till March 1, as it traded in a flattish manner till then. It is yesterday when the coin has shown a noticeable and positive price momentum.

The coin was trading at $0.047 when March started and took a price plunge before closing on March 1. ADA started a strong rebound journey the very next day and till the day ended, it reached as high as $0.049 from $0.045.

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Cardano (ADA) Price News
ADA/USD Chart By TradingView

The price hike was by 10.53%, however, the price barriers refused the coin to achieve the $0.050 price mark. The downward correction has taken the coin near $0.048 already. Meanwhile, Bollinger bands are set to see a volatile spell for the coin soon.

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In the next chart, we can see how the coin is about to have a crossover with the 200-day EMA line. If the price path slips below the EMA line, a bearish price move can be anticipated.

Also, RSI is at 39, showing no extremities and the MACD indicator appears in the bearish zone with its signal line on the upside.

Ruti Vora

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

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