Price Analysis

Cardano Turns up to be an Intraday Gainer; Trades at $0.121

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Cardano has enticed many networkers to consider investment in ADA with its accelerated development pace and the recent price action. As per the team of Cardano, ADA crypto represents the future of money, which will authorize quick and uninterrupted transfer using cryptography.

With this Cardano, which otherwise was believed to have been side-tracked, is now gaining enough trading momentum. Moreover, we believe that the adoption of this smart contract-based platform is likely to take a rampant speed and, therefore, benefit ADA.

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Cardano Price Analysis

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ADA/USD Chart By TradingView

Cardano is one of those altcoins of the market that has exhibited stupefying momentum and has successfully breached a 2-year long resistance above $0.11, hitting the high at $0.138. It was just then when the ADA coin had gained over 30%, which marked a hike even more than Bitcoin SV, and thereby, it took over Litecoin.

However, when it comes to the recent altcoin rally, we see that Bitcoin was lacking a steady blow of traction and kept trading below $9.4k with no steep highs and support at $8.8k. If we go on to compare Cardano with Bitcoin against the greenback, we see that the latter grew but not as steadily and as steeply as the former. Both have maintained an almost similar trend, but the percentage of momentum is different.

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On the intraday chart, ADA/USD forms a falling wedge pattern, and the final bullish trend breakout of the wedge seemed to have taken over. The price trend of Cardano is already breached above the upper 20-day Bollinger Band due to intraday traction and retains support from 50 & 200-day MAs at $0.118 and $0.112, respectively.

However, after the recent breakdown of around $0.109. The coin still needs steady momentum to rise above 38.20% Fib level on the intraday chart. The technicals laid are drawing a positive sentiment due to intraday momentum, and therefore, the MACD chart holds a bullish divergence. Similarly, the RSI of ADA is inclined towards the overbought region and lies at 60.85.

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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