Cardano (ADA) Analysis: Price Levels Forming Rising Channel Indicating Ideal Entry Point For Cardano Investment

  • After touching the major support level of $0.24, ADA price levels have bounced back and looked for a positive breakout above $0.30
  • On a weekly timeframe, Cardano Investment has provided returns of around 23.00% to the investors
  • The ADA/BTC also turned positive with an overall gain of 0.73% bringing the current level to  0.000008106 BTC 
Source: Coinmarketcap

The weekly chart of ADA highlights the sharp negative divergence faced by the price levels from the past couple of trading sessions due to an overall downtrend in the market conditions. After touching the support zone of $0.22 on the downside, the crypto asset was able to revive its positive momentum. During the current market session, the price levels looked for a positive breakout above $0.30 while performing positive by 0.77% bringing the CMP to $0.2873. The market capitalization has reached $8,833,550,596 resulting in an incline of 2.15% with the 24-hour volume traded reaching $4,758,813,976 resulting in an uptrend of 9.27%. It must be noted that besides the downfall from the past couple of sessions, on the weekly timeframe, Cardano investment has provided returns around 25.00%.  

Cardano Price Levels Forms Rising Channel Pattern 

Source: Tradingview

The technical chart of ADA highlights the gradual positive momentum built by the price levels which is followed by significant retracement after reaching the critical resistance zone of $0.35. The retracement ended up after the price levels touched the critical support area of $0.20 on the downside which helped to revive the positive momentum forming a rising channel pattern. A positive breakout above the 0.236fib level can surely be a bullish indication for the upcoming trading sessions. 

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The relative strength index (RSI) is also showcasing positive nature while standing at 59.86 and looking for a positive breakout to the overbought region. 

The moving average convergence & divergence (MACD) also formed a bullish crossover and the levels looked for a positive breakout above the histogram line. 

The commodity channel index (CCI) was also able to sustain in the overbought region reflecting on the positive sentiment for the crypto asset while standing at 98.02. 

Resistance Level: $0.35

Support Level: $0.25 & $0.20 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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