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- Cardano price bounced back today, buyers found support.
- A 20-day moving average is present below the current ADA price as support.
- Trading volume was recorded at $735.8 million, an increase of 55% overnight.
Crypto market sentiment appears neutral, with volatility lacking. Bitcoin traded near $20K and Ethereum also fell below $1600 last night. Thus, the participation of bears increased last night after several trading sessions of low volatility in Cardano price. Despite the recent pre recovery, buyers failed to break the $0.440 resistance, as a result, the digital asset fell by almost 13% from its 10-day high.
At the time of writing, Cardano price is trading at $0.3966 against the USDT pair. However, in the intraday trading session, buyers woke up and started accumulating. Today’s daily price candle shows a 2.83% gain so far. Furthermore, ADA price is concerned that the bitcoin pair is 1.55% green on 0.000001953 satoshis.
In spite of the price drop, the price action of cardano paints higher-lows in the 4 hours chart. At this point, buyers try to sustain crypto prices above the support trendline to avoid another massive drop. In the last few days, traders were witness to a volatile market as trading volume reported at $735.8 million, increased by 55% overnight.
In the past five days, today’s session looks positive because bulls found support just above the 20 day moving average. Now the price is stuck between 20 and 20 DMAs support and resistance. Buyers must flip 50 DMA into support if they want to make decent profit.
The Stoch RSI is reversing from the overbought zone. Sellers might act aggressively on negative signs if buyers fail to hold 20 DMA level. MACD indicators show slight positivity in Cradano price but histogram shows lower-highs- weak strength.
Conclusion
Cardano price is taking support at 20 may moving average act as a support. The 50 DMA as well as the $0.44 zone observed as next bullish hurdles, buyers need to take advantage of support level and lift-up ADA crypto above these all bullish hurdles.
Support level – $0.350 and $0.30
Resistance level – $0.45 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
