Cardano(ADA) Facing Resistance of 21-DMA Trading with Minor Gains

  1. Cardano(ADA) is trading with an intraday gain of +3.44% and standing green against the red market
  2. The pair of ADA/BTC is trading at 0.00000789 BTC with an intraday gain of +3.38%
Source:tradingview

Over the monthly chart, after a bullish rally, Cardano (ADA) is consolidating but making lower highs and lower lows indicating the profit booking. Currently, it is trading under 9, 21, and 50-Day Moving Averages indicating a bearish trend for the short term, however, it bounced after testing 200-DMA indicates bullish nature if sustain above it for the long term. After testing a 52-week high of $0.1820 a profit booking pulls it to lower levels of $0.1235 and price recovery again pulls it to higher levels. The support on lower levels is placed at $0.0990 and $0.0758 whereas on the higher side resistance is placed at $0.1680 and $0.1820. The major support is 200-DMA which is $0.1335 is important to the level. 

Source:tradingview

On the intraday chart, Cardano (ADA) is trading at $0.1445 with a 24-Hours gain of +3.44%. Currently trading above 50-Day Moving Average line, however, fails to holds 9 and 21-DMA levels of $0.1450 and $0.1465 respectively. The volume recorded in the last 24-Hours of $1,033,384,542  and the total market capitalization stands at $4,474,607,790. The intraday range for Cardano is $0.1500 and $0.1400. From the last seven days it losses over 10.65%. 

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The Relative Strength Index (RSI) indicates the strength of XRP is trading flat at 43.00 after testing the overbrought zone no heading towards the oversold zone.

Directional Movement Index (DMI) is trading with the significance of -DI line by suppressing +DI line indicating bearish nature for intraday. 

Support levels: $0.0990 and $0.0758 

Resistance levels: $0.1680 and $0.1820

200-DMA level: $0.1335. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
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.

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