ADA Move May Continue If It Breaks Above 20 EMA On Daily Chart

CoinMarketCap has placed Cardano (ADA) in the 8th position on its list in terms of market cap. This puts ADA right behind Binance USD (BUSD) in the 7th position and in front of Solana (SOL) in the 9th position.

Cardano is currently worth $0.5516 after a 3.48% price increase over 24 hours and reaching a high of $0.552 over the same time period. This price translated to around 0.00001803 Bitcoin (BTC) and 0.0002661 Ethereum (ETH).

When looking at the longer time periods, ADA saw a 1.69% drop in price over the last week and a 38.33% drop over the last 30 days.

Cardano’s market cap currently stands at $18,552,301,832. The Ethereum-killer also saw a 24 hour trading volume of $532,091,010 which is a 35.85% increase from yesterday’s number.

ADA is also featured on CoinMarketCap’s trending list and is occupying the 16th position.

ADA price approaches 20 EMA line (Source:TradingView)

On the daily chart for ADA/USDT, the price is approaching the 20 EMA line following a small upwards move in the last 2 days. As the price gets closer to the 20 EMA line, we could see some pull back as the line may act as resistance at this point.

However, it looks like there may still be some momentum behind this move as the RSI is above the RSI SMA line, the RSI starts to head out of oversold, and the gradient of the RSI line is very positive and breaking away from the SMA line.

Whether or not the price is able to test and rise above the 20 EMA line will be the first confirmation that the move will continue.

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