Cardano (ADA) Analysis: Is ADA coming out stronger than ever?
Cardano takes charge of the bulls by trading over the major Moving Average lines during the intraday session. The fully diluted market cap is up by 2.36%, indicating better days for the #4 cryptocurrency. Investors are looking at the...
- Cardano takes charge of the bulls by trading over the major Moving Average lines during the intraday session.
- The fully diluted market cap is up by 2.36%, indicating better days for the #4 cryptocurrency.
- Investors are looking at the token as an opportunity as the trading volume stands at $2.5 billion with an increase of over 11%.
After a steady rise in the second half of October, Cardano saw an unexpected dip with a low price of $1.8 but quickly managed to recover during the same session by closing on $2.23. This phenomenon made ADA a potential target of the bears, one of the reasons being the unstable nature that the token went through. But the asset was quick to survive the dip and promptly stabilized itself with a good closing price.
Cardano uses a proof-of-stake consensus algorithm, and the project has come out to be one of the most successful with a market dominance of 2.76% and an ROI of 10047% since the day it launched. In terms of its position concerning bitcoin, the ADA/BTC pair remains strong with 0.00003507 BTC as the price, an intraday gain of 1.5%. The same can be said for the ADA/ETH pair as the value currently stands at 0.0005207 ETH for the current session after gaining 0.44% more. Cardano has now started trading above the simple MA lines after a long wait.
The 20-day and 50-day lines have overtaken the 100-day MA line, suggesting an increase in the value in some days or probably weeks. The 20 and 50 MAs are on an ascent, staying almost parallel to each other while the 100 MA seems to reject the idea of an upward trend by a gradual descent. This suggests that ADA may suffer a loss in its value over a longer duration, but gives out a hint of bullish momentum for now.
The cup and handle mark its presence at the front of the rally for positive growth and the resistance levels make their way at $2.26 and $2.29. The support for Cardano can be observed at $2.11 and $2.14. The RSI curve stays in the neutral zone but with a risk of going into the overbought zone. The MACD line has taken over the signal line with a positive value and is expected to stay over zero.
Conclusion- Cardano may stay stable, giving profitable returns for a shorter duration. It has brought some stability after last week’s downtrend and one can expect a continuation of the recovery, if not another unexpected steep climb. Investors should conduct the necessary analyses and study the updated parameters carefully before investing.
Resistance- $2.26 and $2.3
Support- $2.11 and$2.14
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