Cardano Price Breaks the ‘No Trade Zone’ and Chases $0.045
- Cardano trades around the major resistance level at $0.045
- Currently, ADA hits the 30-day high to trade at $0.44
- ADA price supported by immediate support built by 5-day EMA and MA around $0.043
Cardano tries to rise above the ‘no trade zone as it hits $0.044 and nears the major resistance at $0.045. The current price trend also points towards having a growth momentum in the days to come. The price has hit $0.044 after a week now. Before this, ADA has been trading at the price of $0.035 to $0.043 since a long time.
Cardano Price Analysis:
Analyzing the 4-hour chart for the past month, we see that the ADA coin was trading at $0.038 around same date in the previous month. Immediately, on October 09, it climbed up to $0.043 by 13% just to have a volatile downslide around $0.035 on October 23.
Forming a double top at the current trading price, ADA had the same price crossover on October 28 at $0.044, chasing the immediate resistance. However, the period between October 28 to till date has been a doom’s week wherein Cardano was notably below the current trading price but above $0.040.
Technical Indicators:
The 5-day and 50-day moving average are rightly supporting the current movement and price plunge at $0.0433 and $0.0415, respectively.
The MACD of Cardano is above zero and holds a ‘buy’ phase except for the long-term MA and EMA [100 & 200-day], which signal at going short with the current investment. It also has a slight bullish phase as the MACD line crossed the signal line.
The RSI of the ADA coin is inclined towards 70 or the overbought region as it trades around the most important and major resistance.
