Cardano (ADA) Price Analysis: Introduction To Goguen Provides Positive Bump To ADA Price

  • Cardano is having quite a day in today’s market session with an overall gain of 10.00%. 
  • The ADA/BTC pair is also performing positively with an overall gain of 6.50% bringing the level to 0.000000953 BTC. 
  • The positive rally backed by fundamental news has helped the crypto asset with a breakthrough from price consolidation.  
Source: Coinmarketcap

Cardano seems to have finally had a break above the crucial mark of $0.10 with a huge positive rally upfront. The crypto asset reached its day-high with the level of $0.106 and had a slight sell-off activity after that. Currently, the price is trading around the level of $0.103 with the market capitalization of $3,228,374,105. The 24-hour volume trade has witnessed a huge increase of about $378,549,395. 

In an AMA session conducted by Charles Hoskinson, the inventor of Cardano, on Sunday, announced that Goguen will be launched in three phases and as per the update, it will help in the transfer of metadata along with ADA transactions. 

As per technical aspect, the fundamentals can only be helpful if the price levels sustain above the mark of $0.103. There has been a slight selling activity after crypto investors seeing a selling opportunity after a while because ADA in consolidation before the news came in. The benchmarks have been also provided for ADA prices to target the mark of $0.120 again in the market. 

Cardano (ADA) Technical Analysis

The technical chart reflects on two big moves made by ADA from the past few days. It faced a heavy downtrend from the level of $0.124 which resulted in it reaching the critical support area of $0.080. The support area ended the bearish move and the price levels were consolidated around. However, after the fundamental news kicked in the market, the consolidation period was broken and the crypto asset received huge buying volume. The significance of the bullish move can be seen as the levels broke the upper band of $0.084 under Bollinger bands. The bullish move can be sustained until the price levels keep moving between the upper and the base level. 

RSI is currently at a strong bullish level persisting in the overbought region with the level of 74.37. The levels need to level down a bit for avoiding any sharp dip towards the oversold region. 

MACD levels are also looking very bullish for the coin after having a positive crossover. 

Resistance level: $0.105 

Support level: $0.088 and $0.084   

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