Cardano marks a bullish crossover after gaining over 10% from trading around $0.0273 to currently hitting at $0.03049. On the daily chart, ADA coin price is attempting to move above 38.20% Fib as the global crypto market trades in green for the third day straight. Alongside, BTC has also gained a subsequent value as it maintains a persistent trade above $6.5k. However, on the daily chart, the pair is still lacking strong and steady support from the daily moving averages.
Cardano Price Analysis
Analyzing the daily movement of ADA/USD, we see that the coin gained a notable momentum after accumulating in the last quarter of the previous year. Alongside, Cardano price had hit a 90-day high at $0.0724 just to bottom out at $0.018906. As the price slid below 60.80% Fib Retracement level, it gradually lost support from the 200-day and 50-day MA. Interestingly, the ADA coin has gained approximately 60% from the given bottom to the current trading price as the volatility subsides. In the previous week, Cardano coin marked a weekly high at $0.0341 on the hourly chart and turned flat thereafter.
However, on the daily chart, we see a price accumulation yet a slight uptrend forming over the past 2 days, helping the investors to gain after an ugly week. The intraday price of Cardano is seen ascending as it hits a fresh weekly high, until the time of writing and hovers around the major resistance at $0.030 after the previous week’s low. Accordingly, the major support lies at $0.028, followed by $0.025. Also, if the currency makes a bullish move above the previous week’s high, i.e., $0.0341, it is likely to regain the medium-term support.
Moreover, the selling pressure is at the bay due to intraday retreat, and the MACD and signal line are seen as having a slight flattish movement.