- An upsurge of 3.84% has been observed in the ADA crypto price during the intraday trading session.
- Cardano price has given a breakdown from the $0.4456 crucial demand zone.
- The trading volume has reached $1.29 billion in the last 24 hours.
Founded in 2017, Cardano (ADA) is a decentralized blockchain platform with a vision of positive global change. The agricultural companies use this platform to track fresh produce from field to fork. The products and services provided by this platform allow educational credentials to be stored tamper-proof. The primary goal of this open-source project is to redistribute power from unaccountable structures to the margins of individuals. Cardano uses a proof of stake (PoS) protocol known as Ouroboros.
The Positive Returns of Cardano is Slowly Declining!
The six-month positive returns of the cryptocurrency are slowly facing some negative drawbacks in the current sessions. Cardano crypto gained positive attention from investors and traders on October 19, 2023. The crypto price surged almost 70% from the $0.2502 demand level and gave a breakout of the $0.3821 crucial supply.
The price had a little consolidation at that level till November 30, 2023. Subsequently, ADA price got another bullish rally after consolidation on December 1, 2023. The crypto price reflected an impulsive bullish move to the $0.6814 resistance level with an upsurge of 77%. Later, the $0.6814 resistance was broken on March 1, 2024.
The maximum supply of ADA tokens is capped at 45 billion, of which 35.61 billion are currently in circulation. The total diluted valuation of Cardano is estimated at around $20.88 billion. Additionally, the current market capitalization stands at $16.56 billion.
Price to Volume and Social Dominance Analysis
In early December 2023, the social buzz of the cryptocurrency covered over 3.5% dominance across social platforms. That positively impacted the ADA price, which reflected stability above 0.45 since then. The social buzz has been slowly fading since then, but the price and volume remained unaffected, which shows investors’ trust.
Technical Analysis of the Cardano (ADA) Price
The ADA price slipped below the key exponential moving averages in the current sessions, reflecting negative sentiments in technical terms. The 50-day and 200-day EMAs can behave as dynamic resistance for the current price.
Cardano price has faced strong resistance from the $0.7993 resistance level on March 14, 2024. The price declined almost 50%, breaking below the $0.4456 crucial demand zone. However, the current price is reflecting some buying from $0.4456. If the ADA price surges above $0.6254, it may exceed the $0.7993 resistance. Or, if the price slips below $0.3821, a sharp fall to $0.2502 can be assumed.
The relative strength index (RSI) reflects strong bearish momentum in the current phase. The RSI is moving at 30.51 below the signal line.
Summary
The Cardano price is falling heavily from the $0.7993 resistance level. The six-month positive returns have only left 86.07% profits. The technical indicators summary is bearish about the current price. At press time, the ADA price is trading at $0.4692. If the ADA price surges above $0.6254, it may exceed the $0.7993 resistance. Or, if the price slips below $0.3821, a sharp fall to $0.2502 can be assumed.
Technical Levels
- Resistance Levels: $0.6254 and $0.7928
- Support Levels: $0.3821 and $0.2502
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.