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Cardano Price May Surge upto $0.4004

  • Cardano price performs in a positive momentum this week
  • Cardano market price trades at $0.3764, which is up by 1.59% since last 24 hours and 34.79% up from the previous week
  • ADA/BTC pair performs negative with a loss of 0.89% in Tuesday’s trading session (0.00001005)
Source: Coinmarketcap

Cardano price was in positive momentum on the weekly chart and went up to $0.3957 on January 17, 2021. By breaking above the resistance zones created in the past, with the help of overall market conditions, it formed a 52-week high. The ADA/BTC pair is in a downtrend with a value of 0.89% in Tuesday’s trading session (0.00001005).

Cardano Technical Charts Reflect Bullish Behaviour

Source: TradingView

The daily technical chart of Cardano price highlights a positive trend with the help of overall market conditions on Tuesday’s trading session. The price is currently sitting at $0.3764, with a resistance zone of $0.4004, following the support zone of $0.2686. On diving into the weekly chart of a 30-minute time frame, it formed a three outside down candlestick pattern. Indicating a sell signal in the coin.

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If we look at 20 & 50 days, the exponential moving average (EMA), 20 EMA (blue line) is at $0.2962, and 50 EMA (purple line) is $0.2320. The price is above both the EMA, one can expect a bullish trend in the coin for the next few trading sessions.

The Volume indicator of value (24.475M) reflects a moderate buying volume in the coin with the overall market help. We can further see an increase in volume in upcoming trading sessions.

MACD indicator (Bullish) one cannot observe any bearish crossover in the signal line on January 19, 2021, during the trading session. This indicates a buy signal in the coin and observes many green bars in the Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 70 indicates a buy signal in the coin. It may soon move towards the overbought territory in today’s trading sessions if further buying continues.

Conclusion 

Cardano price is up by 1.59% on Tuesday’s trading session. The price is above 20 and 50 days EMA, and it can move towards the resistance level of $0.4004. If it sustains above the resistance, one can further expect a continued bullish trend in the coin.

Resistance: $0.4004

Support: $0.2686

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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