Cardano (ADA) Analysis: ADA Price Persisting On The Rising Channel Pattern

  • Cardano price levels preserved their sustainability above the crucial mark of $0.30 during the current market session 
  • The ADA/BTC pair also remained buoyant with an overall gain of 3.41%, bringing the current level to 0.000008305 BTC

The weekly price performance chart of Cardano reflects on the recovery momentum after testing the critical support level of $0.25. The support level did provide a positive bounce back to the price levels resulting in a positive breakout above $0.30 again. During the market session, the crypto asset looked to develop strong sustainability above the mark by performing positively with a gain of 3.10%, bringing the CMP to $0.3201. The market capitalization has reached $9,954,623,330, resulting in an incline of 3.65%. The 24-hour volume traded has reached $2,909,665,603, with an increase of 14.44%. The positive performance of the ADA/BTC pair is also supporting the crypto asset’s bullish performance. 

ADA Price Levels Reflecting Strong Bounceback On Technical Chart 

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The technical chart of Cardano reflects on the strong positive bounceback made by the price levels after testing the critical support line of 0.618fib level. With the help of positive sentiments emerging in the overall market conditions from the past couple of trading sessions, the price levels could have a positive breakout above the resistance line placed at a 0.236fib level. It also indicates that the levels have now again entered a critical resistance area, and one can expect some volatility from the digital asset. 

The relative strength index (RSI) has retraced back after multiple testing of the overbought line but could not have a positive breakout. The current level stands at 55.40.

The moving average convergence & divergence (MACD) have consolidated for the day after climbing above the histogram line.

The directional movement index (DMI) shows positive nature as +DI remains above -DI and ADX, respectively. 

Resistance Level: $0.35

Support Level: $0.28 & $0.25

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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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