- Despite the higher-level correction, the Cardano coin, the 3rd largest crypto asset, is looking strong over the technical chart.
- The crypto asset over the monthly chart is still sustaining above its major DMA lines of 50, 100, and 200-Day moving averages, but volume activity is lower.
- The pair of ADA/BTC is trading on a negative note at 0.00005779 BTC with an intraday loss of -2.35%, and the ratio of ADA/ETH is CMP at 0.0007739 ETH with a significant intraday loss of -4.82%.
Cardano coin over the monthly chart is trading positively, although witness slight profit-taking from higher levels. However, it still manages to sustain above its major DMA lines of 50, 100, and 200-Day, with limited downside. Cardano has the strongest technical setup as compared to other altcoins, which gives confidence to bulls. Moreover, the current dip or upcoming dip can be used to buy until the coin sustains above the 100 and 200-DMA lines.
Volume is another major factor for bulls, which is lower and needs to improve in upcoming sessions. Support on the lower side is $2.24 and $2.01, whereas resistance on the higher side is $2.93 and $3.10.
Cardano coin is move higher with supportive technical parameters
Cardano coin at the weekly chart is trying to move higher with supportive technical parameters. The digital asset is making higher highs and lower lows patterns, while volume activity is also improving. The short-term trend is bullish, but soon we can see slight profit-taking in upcoming trading sessions, as ADA is heading towards the overbought zone. Presently, the Cardano coin is trading at $2.65 with an intraday action of -1.52%, and the volume to market cap ratio is at 0.08853.
Relative Strength Index (BULLISH): Cardano coin RSI indicates a gradual bullish trend after consolidation over the weekly chart. In contrast, the RSI is heading towards the overbought zone and CMP at 56.
Moving Average Convergence Divergence (BULLISH): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) overpowers the seller’s line (red) with a positive crossover.
Support levels: $2.24 and $2.01
Resistance levels: $2.93 and $3.10.