Hoskinson Talks Digitization with Ethiopian Ministry of Education as Part of Cardano Africa Tour
Cardano’s Charles Hoskinson visits MOE in Ethiopia to discuss digitization of the country on the whole, and education in particular On his Cardano tour taking place in Africa, covering several countries from south to north (finishing in Egypt), head of...
- Cardano price analysis is bullish today.
- ADA/USD moved to test the $2.10 support again.
- Cardano is trading at $2.
Over the course of the day, Cardano fluctuated between $2.10 and $2.15, suggesting little activity in the preceding 24 hours. Trading volume has increased by 10.32 percent, reaching $2.25 billion, putting the market capitalization at around $70 billion, placing it in the fourth position among all cryptocurrencies.
ADA/USD was up by 1 percent this morning. In the past week, the market surged from a low of $1.88 on January 29 to as high as $2.21 on February 4, which means that ADA increased in value by nearly 20 percent over this period.
After testing the $2.10 support for several hours, ADA/USD is now trading at around $2.17 with an hourly MACD that is bullish and almost reaching the end of its six-hour timeline. It is therefore likely that the price of Cardano will increase in the short term.
ADA/USD is up by nearly 1 percent, being traded at around $2.15 as this is being written. In a more optimistic scenario, the current strength of ADA/USD may continue to push prices higher and later reach a high of $2.20.
ADA/USD 4-hour chart: ADA faces resistance at $2.20
On the hourly chart, Cardano’s price appears to be establishing support at $2.10, suggesting that there may be more gains later today.
ADA/USD 4-hour chart. Source: TradingView
For weeks, Cardano’s price has been stagnant, with the $2.10 support level coming into play on several occasions. ADA/USD consolidation that began in late September was triggered by a strong surge at the end of the month.
ADA peaked at $2.46 and subsequently reversed to $2.03 as retracement support. After this, lower highs and higher lows were established, with the $2.30 price region serving as resistance and the $2.-1.10 range as support.
Cardano’s price rose by more than 50 percent in just over a week, peaking at $2.30 on November 22. ADA/USD, on the other hand, fell back to its main support level of $2.10 over the weekend, suggesting that we may see further consolidation.
Cardano’s price is now beginning to test the main resistance level of $2.20, which is likely to hinder any further price growth in the short term. If Cardano cannot break past this level, it may instead consolidate between $2.10 and $2.20.
Cardano Price Analysis: Conclusion
The Cardano price is in excellent shape at the moment, with the $2.10 support serving as a barrier to further decline. As a result, ADA/USD will likely rise even more and attempt to breach the $2.30 resistance.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
