Cardano Price Avoids Death Cross, Stays Up Against Harsh Odds

Summary:
• Cardano price has risen for the second successive day, mirroring the broader crypto market which has defied the trade tariff war fears.

Cardano price stayed on the upside for the second successive session on Friday, following the cue seen in the broader crypto market. ADA was up by 1.95 and traded at $0.662, with the crypto market bellwether, Bitcoin, similarly up for the second successive session. The trajectory adopted by cryptocurrencies is defiant to the sour sentiment in financial markets occasioned by the latest round of trade tariffs announced by the United States.

Mixed Sentiment Around ADA Price

Nonetheless, the momentum on ADA price is still bearish-leaning, with the daily RSI reading 43 as of this writing. In addition, it was on the brink of a potential death cross prior to the recent two daily gains, and the 50-day moving average hangs precariously above the 200-day moving average. This view is supported by the 29% decline in ADA’s traded volume in the last 24 hours amid a price increase. That denotes investors’ unwillingness to purchase the coin at higher prices.

Meanwhile, whale activity declined significantly in March, with analytics site Santiment reporting that a total of 200 million ADA tokens left wallets holding 1 million coins or more. Such momentum could invite the downward momentum to prevail in the near-term.

On the positive side, Cardano Foundation announced on Thursday that it had launched Veridian, an open-source decentralised digital identity platform with a wallet app. Veridian helps people manage their assets with utmost privacy, offering a great solution in a world where data leakage is becoming all too common. This solution could attract privacy-centric users to the Cardano blockchain, which augurs well for ADA price in the medium and long-term.

Cardano Price Prediction

The momentum on Cardano price calls for further upside above $0.658. That will likely see the ADAUSD trading pair head higher to encounter initial resistance at $0.672. An extended control by the bulls will break above that level and test $0.678.

On the downside, movement below $0.658 will indicate the onset of bearish control. The downtrend will likely find the first support at $0.658. Breaking below that level will invalidate the upside narrative. Also, the resulting momentum could take the price lower to test $0.652.