Price Analysis

Cardano Marks an Intraday Positive Move and Bullish Crossover

Cardano (ADA), at the time of writing, was trading at $0.0338. The intraday movement has even led the coin to hit $0.03400 and the does not seem to be influenced by the BTC plunge below $7,000. Currently, it is moving towards a 38.2% Fib Retracement level and is believed to be trading better than the marked yearly low around $0.0304.

Cardano’s current trading price lacks active support from the long-term moving averages, while the short-term and medium-term are in consensus with the movement.

Cardano Price Analysis

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ADA/USD Chart By TradingView

Analyzing the 4-hourly movement of ADA/USD on Kraken, we see that the coin is trading stably after having experienced a relaxed fall in the previous trading month. The current price trend is seemed to be recovering as it rises away from the fall marked in the given time frame. However, Cardano seems to be a rejection above $0.035 and a persistent move above the said price can lead the coin to hit above 38.2% Fib Retracement level.

Important to note that the coin has left the support of 200-day Moving Average since the past month as it is only seen pulling back collectively.

Cardano Coin

The technical indicators laid along with the 4-hourly chart, highlight the bullish move due to positive intraday breakout, as the MACD od Cardano is touching zero and overrides the signal line.

The RSI of the coin is at 59.09 and holds an uptrend to hit the overbought region if the coin continues to trade with the same momentum.

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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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