Although ADA coin as an investment asset, has a lesser adoption rate comparatively, we have seen immense growth in the trading volume of the coin within the said duration. The trading volume is less than the other coins of the market and so the block of Cardano contains a handful of transactions.
Cardano Price Analysis:
Analyzing the 8-hourly movement of Cardano against US Dollar, we see that the price trend of the coin is exhibiting a bullish divergence, and we foresee an upswing. Also, the ADA price retains support from the daily moving averages viz., 10-day, 50-day and 200-day. The red dotted trend line in the chart is forming a positive trading channel as per the projections.
The current trading price of ADA coin is having steady support formed at $0.055 (10-day MA), $0.048 (50-day MA) and $0.039 (200-day MA). The current trading price is seen correcting after hitting a height at $0.0586 as the coin currently trades at $0.0568.
The 20-day Bollinger Bands are seen having a moderately wide opening, and therefore, Cardano coin is likely to face volatility in the upcoming days. However, ADA is positioned on the 10th place in the crypto market and is likely to maintain the pace as the market condition is quite in favor. Also, BTC is persistently trading above $9,500, having returned after testing resistance at $9,500.
Technical Indicators
The recent price push at $0.058 has led the coin to have a bullish crossover as the MACD line is appearing to override the signal line as they move adjacent.
The RSI of Cardano is at 64.20 and is subtly away from the selling pressure at present.
