- ADA was trading at $0.299 while witnessing an increase of 2.1% in the intraday session.
- It is down by 90.36% from its all-time high.
- The price is presently bullish in the daily timeframe.
Cardano is a proof-of-stake blockchain platform that aims to enable “modernizers, innovators, and visionaries” to bring about constructive global change.
The ADA token marked its yearly high in April when the token was trading at $0.46. Subsequently, the price turned bearish and started to move below a bearish trendline from July onwards. Below the trendline, the price went down to the support zone between $0.2425 to $0.2460. The trendline breakout occurred at the end of September and the price started to move in an upward direction.
Recently, when Bitcoin turned bullish, the inflow of volume in the altcoin market increased and the tokens started making bullish movements. ADA also gave a beneficial upside movement of 23% in just under two weeks. It has also recorded a positive ROI of 20.01% in the last month.
78% of the token’s total supply is presently circulating in the market. Its trading volume has surged by 45% in the last 24 hours. It has a current market capitalization of
$10.53 Billion.
Sentiment Analysis
In the last week when the market became bullish, ADA’s volume increased by 78.9%, causing a price growth of 12.985%. The social dominance is still showing negative signs and the total bullish sentiments have dropped by 10.86%, which shows that people are not so bullish about the price.
Technical Analysis of the ADA Token (Daily-1D)
During the upward movement, the price broke a major resistance level of $0.2600. The price is currently approaching the resistance level of $0.301. If the price breaks this resistance level and sustains above it, It can reach the $0.31 level easily.
Additionally, a pullback can be expected from the 200-day EMA. Once the price crosses above the 200-day EMA, It will be an indication of a further bullish trend.
If the price gets rejected from the resistance of $0.30, then it can retest the support of $0.2878 and then try to break the resistance again.
In the future, we can expect to see the price reaching $1 and go above its all-time high in the next bullish cycle.
Glimpse of the Indicators on the Price of ADA Token
Relative Strength Index (RSI)
The RSI has entered the oversold region. This indicates that bullish strength is still present in the market. As soon as the price reaches the resistance level, the price may come down and the selling may start, and the RSI will give a correction move at that point. The RSI is presently moving at 80.08 points.
Chaikin Money Flow (CMF)
The CMF value has crossed above the zero level and is presently at 0.13 points. The higher reading above 0.05 confirms the bullish trend of the price. The continuous upside movement in CMF indicates further bullish movement in the market of the ADA token.
Conclusion
The market sentiments and the price action of the ADA token indicate an upward movement in the price. However, a pullback can occur from the 200-day EMA. When the price crosses above the 200-day EMA, it will be an indication of the continuation of the bullish trend in the market of the token.
Technical Levels
Support Level: $0.28 and $27
Resistance Level: $0.30 and $0.31
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
