Cardano At $0.56, Here Are The Crucial Trading Levels For The Coin
2022年6月5日 - 01:00PM
NEWSBTC
Cardano consolidated after the coin attempted to rise on the one
day chart. Bitcoin extended losses so broader market continued to
flash signs of weakness. The one day chart displays mixed signals
which could also mean that the coin might be attempting to head
north. Over the last 24 hours, ADA gained just 1% as it was
primarily consolidating. In the last week, the coin substantially
gained over 22%. Buyers in the market also attempted to display
strength as the coin saw bullish presence over the past week. If
buyers continue to remain in the market then ADA might push and
trade near immediate resistance of $0.60. The price of ADA might
fluctuate if sellers regain strength which could make the bears
take over the market. Cardano Price Analysis: One Day Chart ADA was
trading at $0.54 at the time of writing. After soaring by almost
22% over the last week the coin registered mundane price action.
Its immediate support line was at $0.47. A fall below which could
drag XRP to a low of $0.40. The overhead price ceiling for ADA
rested at $0.62 and for the bulls to regain strength, Cardano
atleast needs to trade above the $0.70 price mark. As the coin
displayed sideways trading, a move on the up can be anticipated.
The volume of the coin traded was recorded in green signifying
bullishness. Technical Analysis The recent bloodbath in the crypto
market had pushed Cardano to fall into the oversold zone. The coin
was last oversold before this in the month of December 2021. On the
Relative Strength Index, the altcoin had tried to peep above the
half-line. This signified bullishness. At press time however, the
Relative Strength Index noted a small downtick. Despite the small
downtick the altcoin was still dominated by buyers. In accordance
with the same reading, price of ADA was above the 20-SMA. A reading
above the 20-SMA means that buyers drove the price momentum in the
market. Related Reading | Crypto Community At
CoinMarketCap Predicts $1 Cardano By June 30 As buyers returned to
the market, the Moving Average Convergence Divergence also turned
positive. MACD flashed green signal bars as the bulls resurfaced in
the market. These green bars can also be construed as buy signals.
The incidence of buy signals in the market also agrees with the
Relative Strength Index. Chaikin Money Flow which is an indicator
that measures capital inflows and the outflows showed signs of
recovery. Although there was an increase in capital inflows, CMF
displayed a downtick that can be tied to capital inflows falling at
the time of writing. ADA’s price is still on the lines of optimism
if buyers continue to drive the momentum. Related Reading | Solana
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Cardano (COIN:ADAUSD)
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