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- 1 Cardano price is currently trading at $0.3183 with a loss of -2.36% during the intraday session.
- 2 ADA price has negatively crossed 200 and 100-day EMAs but still trades above 20 and 50-day EMAs.
- 3 The year-to-date return of Cardano is 29.25% while the three-month return is -29.59%.
ADA price saw a decline during the start of June and fell to form a support at $0.26 level from where it regained bullish momentum. The price successfully broke the resistance level of $0.3030 and formed a high at $0.3793. The price has seen a significant increase since June, ascending from the June low of $0.22 and forming a high at $0.3793, causing an increase of roughly 72%.
Cardano price witnessed an increase of 23.43% on July 13 and faced rejection from $0.36. The increase was due to a favorable ruling by Judge Analisa Torres, who determined that XRP coin issued algorithmically and trading on a secondary market does not constitute an investment contract.
It was a significant win for the Cardano ecosystem as it was also labeled as security by the Securities and Exchange Commission (SEC) when it sued the major exchanges. The cryptocurrency is on a corrective move after facing rejection from $0.36. Currently, the price is headed toward the resistance-turned-support level of $0.303.
If the price breaks $0.303, it might re-enter the previous zone and head toward a minor support level of $0.2770. On the other hand, if the price can form a support and regain bullish momentum, it might retest the resistance level of $0.36.
Analysis Of the Cardano Ecosystem
The daily active addresses saw an increase of 46.4% in the past three months and have reached to 72,346 which indicates a demand for Cardano. The daily transaction has also surged by 76.7% to 87,599 in the last three months. Total value locked reaches $187.2 million, increasing 12.1% in three months.
The market capitalization as of now has decreased by 4.73% to $11,191,430. The 24-hour trading volume has also decreased by 56.17%.
Will ADA Price Rise Above $0.40 This Week?
The cryptocurrency price has negatively crossed 100 and 200-day EMAs but still trades above 20 and 50-day EMAs indicating a rise in bearish momentum but strength is left to regain bullish momentum. Cardano price faced rejection from 200-day EMA.
Chaikin money flow score is 0.09 which indicates that there is strength left in the market. RSI touched the 70 mark and started to decline. RSI currently trades at 56.61, sloping downwards suggesting increased participation of bears.
The long/short ratio is 1.07 with 51.77% longs and 48.23% shorts implying the presence of bulls and a higher buying position in the last 24 hours.
Conclusion
Technical parameters indicate the presence of bulls in the market even though the price is in a bearish trend.
Technical levels
Major support: $0.2770 and $0.26
Major resistance: $0.36 and $0.41
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
