•ADA/USD is currently priced at $0.41 and has increased by 1.45% over the past day
•The trading volumes have increased by 44.94% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: ADA on the cusp of a breakthrough
The Cardano price today is $0.412458 USD with a 24-hour trading volume of $893,973,459 USD. Cardano is up 1.45% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.06315 for the altcoin.
Cardano bulls have shown admirable resistance in the previous few weeks as they withstood the pressure from the bears which has made it possible for the ADA price to currently transact above the 20,50 SMA on the four hour chart. The asset is in a period of accumulation and a move above the crucial $0.50 mark would provide significant push to the bullish rally. On the flip side, the support level for ADA Coin is placed at $0.35 in the event of the bears staging a comeback in the coming days.
Long Term View for ADA
The RSI for Cardano is currently transacting at 56.36 as the asset looks poised to withstand the bearish barrage and aim towards the overbought territory. The green histograms, on the other hand, have shown consistent and stable growth over the past few days, suggestive of the underlying bullishness prevailing in the altcoin. Moreover, the MACD and signal lines are also heading towards the positive territory on the daily chart, which bodes well for the future prospects of the coin.
Conclusion
Cardano technical analysis projects the possibility of the bears lurking in the shadows as the asset continues to tread in a period of accumulation. The ADA bulls need to firm up their resolve if they are to overcome the bears.
Support: $0.35
Resistance: $0.50
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
