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- Cardano is facing significant pricing corrections after going below the mark of $0.030
- It is facing an overall gain of 2.17% in today’s market and is predicted to cross $0.050.
The bullish momentum built by Cardano from consecutive days is now getting sustainable as ADA crossed the price level of $0.049. After reaching the resistance area of $0.045, ADA has been facing major pricing corrections for the past few days. But the decline below $0.040 has proved to be more damaging to ADA. However, the overall bullish market conditions brought the cryptoasset into a major bullish run by crossing the safe spot of $0.040.
Today, it started with the price range of $0.047 in the hope of crossing the safe support level of $0.048 and made a stainable attempt. Cardano is facing a gain of 2.17% bringing the current price to $0.049. The market capitalization is of $1,288,551,007 and the 24H volume traded is of $151,788,291. It can be said that the increase in buying volume has resulted in a major uptrend.
To have a fresh start, the altcoin needs to break the major resistance level of $0.050. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
Cardano Price Analysis
The technical chart reflects on the sustainable momentum gained by the altcoin from the starting of the month.
The technical oscillators suggest that the ADA bulls are here to stay.
RSI had a negative divergence but maintained sustainability to the bullish level of 60.
CCI is in the positive territory but the overbuying volume is pushing it up.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. However, the levels are trending to the bullish zone.
Resistance Level: $0.050
Support Level: $0.048
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.
