Cardano (ADA) Trading Flat While Moving in Symmetrical Triangle Pattern

  • Cardano (ADA) trading flat with minor loss of -0.86% standing near the resistance of symmetrical triangle pattern
  • The pair of ADA/BTC is trading in green with a gain of +0.54%, standing at 0.00000799 BTC

On the monthly chart, ADA/USD is trading at $0.1536 with an intraday gain of -0.86%in the last 24-Hours. Trading in the symmetrical triangle pattern heading for breakout target on the higher side is placed at $0.1820, and target on the lower end is placed at $0.1180. After a bull run, ADA hits it’s new 52-Week $0.1820, profit booking pulls it to the lower levels of $0.1230, and the price recovery pulls it to higher levels. Currently, it is trading above 9, 21, 50, and 200-Day Moving Averages. The higher side’s resistance is placed at $0.1745 and $0.1820, and support on the lower side is placed at $0.0988 and $0.0758.

ADA/USD is placed at $0.1502, with an intraday loss of -0.86%. Over the daily chart, it is training in a downtrend. It is trading under the 9, 21, and 50-DMA; however, it is trading above 200-Day moving averages, which is positive for the short term. The volume traded in the last 24-Hours is $647,025,651, and the total market capitalization stands at $4,687,892,921. The range for intraday is $0.1435 and $0.1562 as highs and lows, respectively. 

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The Relative Strength Index (RSI), which indicates ADA strength, is trading at 43.07 and still heading towards the oversold zone after a fall from higher levels.

Directional Movement Index (DMI) is trading with a significance of -DI over +DI, indicating bearish momentum.

Moving Average Convergence Divergence (MACD) indicates the trend. Currently, it indicates the bearish trend on the intraday chart as it gives a negative crossover with the significance of Bear’s line (red) over Bull’s line (blue) with no sign of recovery.

Support levels: $0.0988 and $0.0758

Resistance levels: $0.1745 and $0.1820

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Pratik Chadhokar
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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