Price Analysis

Cardano Rebounds to $0.043 After Testing Support at $0.041

Cardano (ADA), at the time of writing, was trading at $0.043741 on Kraken. The coin has exhibited an intraday rebound after hitting the low at $0.0411. This positive intraday move helped the ADA coin to gain medium-term support from the 50-day MA, followed by the short-term support from 10-day MA.

ADA coin, unlike the other altcoins of the market, has exhibited a growth momentum and is likely to continue as observed from the current rebound made. The currency is likely to form the next higher high in continuation of the trend observed if it continues with the same momentum.

Cardano Price Analysis

Analyzing the 3-hourly 25-day movement, we see that ADA/USD has been experiencing a growth spree since the start of the year 2020. The forming uptrend took a back seat as the price of Cardano experienced a dip just when the price of the king of cryptocurrencies nosedived after marking a fresh 30-day high. This uptrend led the price to break-through the major resistances at $0.0438, $0.0459, and $0.0468.

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ADA/USD Chart By TradingView

The 20-day Bollinger Bands laid along the price trend are having a moderate band width leading to no volatility in the upcoming days. Also, the ADA coin is supported by the 20-day Bollinger Band Basis at $0.0436. Also, while the price of Cardano hit around $0.046, it marked a progression of over 21% from the trading price of $0.0386.

Technical Indicators

Cardano Coin

The other technical indicators laid confirm the intraday movements as the MACD line cuts the signal line from below withholding a bullish divergence.

The RSI of Cardano is also at 48.82 and is seen rising away from the major support at 30.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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