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- Cardano’s price is currently held in the accumulation zone with no way forward. ADA is currently trailing at $1.33 with a loss of 3%
- Technical Indicators hint at a bearish momentum for the price. In contrast, the ADA /BTC pair has also been in a consolidated phase.
Cardano is currently trading at $1.34 with an intraday loss of 3.18%. ADA price might face resistance while going up at $1.6. It can see a bounce back from the level of $1. The coin price is trailing above the 50 and100 Daily Moving Average.
The 50DMA (Red) line is at $1.23, making it support the price. If the price breaks below the 50 and 100 DMA, it would be difficult to recover to positive levels. ADA price has seen significant gains in the past and continues the same in the future.
Cardano is ranked 7th with a market capitalization of $42,476,487,440.27. The volume of ADA has seen a gain of 55%. Meanwhile, the volume to market capitalization ratio has remained less than 0.3.
Technical Indicator Suggest A Consolidated Move For ADA Price
Cardano is in a consolidation phase in the weekly technical chart. ADA daily chart showcases a negative momentum. On the daily chart, the coin has formed an accumulation zone. If ADA breaks down below the accumulation zone, then a downtrend up until $1 can be seen. ADA/BTC pair can also see a similar downtrend.
The volume indicator of the BCH is at 12.3M with selling pressure. If the price goes above $1.5, then a strong buying rush can be seen.
RSI(Neutral): It is trailing 56.38, marking its presence in the neutral zone. There is no slope formation in the RSI, highlighting that the price may see a consolidated momentum in the upcoming session. The overall sentiment of the RSI is neutral.
Conclusion
ADA price has given some significant returns in the past. Cardano has currently been expanding its operation to Africa, which may lead to a higher price. Investors should do their due diligence before investing.
Technical Levels
Major Resistance:$1.6
Major Support: $1
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
