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- Cardano is making significant pricing recovery after going above the mark of $0.030
- It is facing an overall gain of 5.62% in today’s market and is predicted to go above $0.040.
The bullish momentum built by Cardano from consecutive days has been successful to break the crucial mark of $0.035. After reaching the resistance area of $0.029, ADA has been facing major pricing corrections for the past few days. But the decline below $0.028 proved to be more damaging to ADA as it in a straight position to decline below $0.025 level also. But the bulls managed to pull the price level to the crucial mark of $0.30
Today, it started with a price range of $0.034 in the hope of crossing the resistance level of $0.035 and performed as expected. Cardano is facing a gain of 5.57% bringing the current price to $0.036. The market capitalization is of $934,551,007 and the 24H volume traded is of $128,788,291. It can be said that the increase in selling buying volume has resulted in significant price recovery.
The next crucial mark to break for ADA bulls will be at the level of $0.38. The ADA/BTC pair is also performing a positive with the overall gain of 2.45%. This is a positive sign for gaining a sustainable bullish momentum ahead in the market.
Cardano (ADA) Price Analysis
The technical chart reflects on the bearish momentum gained by the altcoin from the previous month.
The technical oscillators suggest that the ADA is planning to maintain its stability over the crucial price mark of $0.035.
RSI had a negative divergence but maintained sustainability to the bullish level of 60.
CCI is making attempts to reach normal territory which may result in an increase of sustainability of price.
MACD levels also indicate that there is strong bullish momentum going for the altcoin with the significant bullish cross
Resistance Level: $0.038 and $0.040
Support Level: $0.035 and $0.032
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
