Cardano gathered some upside momentum recently, however as price action tested a resistance around 0.5000, it was rejected downwards. Not very far from the point of rejection buying pressure resumed and Cardano seems ready to face that previous resistance of 0.5000.
ADA Forecast Statistics Data:
ADA current price: $0.4902
ADA market cap: $16.87 billion
ADA circulating supply: 34.18 million
ADA total supply: 34.85 billion
ADA Coinmarketcap ranking: #8
This analysis will carefully examine activities in the ADA/USD and ADA/BTC markets. And from our observation, we shall determine what traders in this market should anticipate. We’ll also try to get some useful trading moves that can be taken in this market and others of like characteristics.
Key Price Marks:
Top levels: $0.4902, $0.5404, $0.6000
Bottom levels: $0.4500, $0.4300, $0.4000
Cardano Price Movement Is Looking Impressive, Buy TAMA Today
Price activity on the ADA/USD 1 day chart, can be seen to have risen above the MA line of the Bollinger Indicator. This performance has placed Cardano’s price movement in a region that will attract buying offers from traders. Therefore, the price of this crypto will rise upwards and may break the previous point of downside rejection around $0.5000. Furthermore, the RSI lines have just corrected upwards around 74 and 70% levels. Consequently, the RSI display, confirms that Cardano’s price will increase. As a result, traders should not delay executing a buy order as the price may hit $0.6500 and above soon.
Cardano Price Analysis: ADA/BTC Is Bearish
The ADA/BTC market reveals that downside forces are actively pulling price activity to retrace lower supports. However, the origin of this force may not only be due to massive selling activity alone. It can also be due to a better performance of the BTC against the dollar. On this chart, the price activity has arrived at the MA of the Bollinger. Should selling pressure continue to develop, the support formed by the MA line will be broken to the downside.
Your capital is at risk
Additionally, the RSI lines are still plunging downwards very quickly. This reading may be due to both selling pressure and better performance in the BTC/USD market. Consequently, this may cause price action in this market to retrace lower support. Trades in this market can go shot to avoid any further losses, should the market continue to be bearish.
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