Cardano Turns Up to be an Intraday Gainer; Trades at $0.030

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

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ADA/USD Chart By TradingView

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.

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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. To know more about Future predictions for ADA, you must go through our ADA Forecast page.

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.

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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