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- 1 Huboi has recently announced the removal of Cardano trading pair from their exchange
- 2 ADA coin price is currently seeing a weak recovery in the daily chart. It has seen a drop of 4% in the intraday session
Cardano is a proof of stake blockchain which was received well since its creation. It combines the pioneering technology to provide security and sustainability to the decentralized applications. Cardano was founded in 2017 by Charles Hoskinson who is also a co-founder of Ethereum. Cardano blockchain uses Ouroboros which enables decentralization and allows a strong sustainability. Meanwhile,it is also the first project to be built through peer reviewed research. The overall development of the Cardano blockchain is increasing steadily.
ADA trading pair has recently been delisted from the Huboi platform. It is speculated by various analysts that it is happening due to the SEC case. Cardano has an average transaction of 69000 which is constant in the past 15 days. There are over 22.79b ADA staked on the network. ADA is currently down by over 90% from its all time high, but it could soon see a new high.
Cardano has a market cap of $10 Billion and is ranked 7th in the cryptoverse. The volume of the asset price has observed a gain of 6% in the past 24 hours. Volume to market cap ratio of ADA price suggests consolidation in the future.
Will ADA See Recovery to $0.5 Soon?
Cardano price is currently in consolidation mode on the weekly technical chart. On the daily chart, ADA is showing a weak recovery trend in price. It is currently near the value of $0.284 with a gain of 1.5% in the intraday session. The correlation between ADA and BTC is near 0.4 which can increase in the future. The upside momentum of Cardano can see a halt near the value of $0.35. Meanwhile, the support of the asset price can be observed near $0.25. As per Fib retracement 0.786fib will act as a support for the price. ADA is below the 50 and 100 Daily Moving Average. If a positive crossover happens then Cardano will rally to a new high.
The RSI of ADA is near 40.93 suggesting its presence in the neutral zone. There is a weak upside slope in it hinting at a bullish momentum in price in the near future.
Summary
Cardano pairs have recently been delisted from the Huobi exchange. ADA is currently in a consolidated zone but could recover to a new high.
Technical Levels
Major Support:$0.25
Major Resistance:$0.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
