- Cardano (ADA) has shown a return of 7.5% last month.
- Cardano (ADA) technical indicator summary by Tradingview suggests a “buy” signal.
Cardano is a blockchain platform based on the Proof-of-Stake model. It aims to empower individuals who are committed to creating a positive global influence, encompassing change agents, creators, and forward-thinkers.
The ADA cryptocurrency is trading at $0.286, reflecting a 0.8% increase in today’s market session. It boasts an average trading volume of $11.9 Million and has a total circulating supply of 34 Billion coins.
A detailed analysis of technical indicators provides a mixed signal for ADA. Among the 26 indicators, the majority suggest a sell signal, indicating a possible downtrend. However, the moving averages summary leans towards a buy signal, potentially increasing the likelihood of a price rise.
Notably, ADA reached an all-time high of $3.10 before experiencing a significant decline of over 92%. This sharp drop found support at the $0.24 level.
The price respected this level and attempted a rebound, currently hovering near the resistance level. The overall pattern for ADA appears positive with the potential for a breakout above the descending triangle pattern and an upward movement.
The coin has exhibited a recovery, with the price rising approximately 7.5% in recent months. This is a positive sign for the investors.
Cardano (ADA) Price Analysis
The MACD indicator provides a bullish signal with the MACD line above the signal line, complemented by a green histogram on the charts. These combined factors contribute to a favorable pattern, indicating the potential for an upcoming price rise for ADA.
Moreover, the relative strength index (RSI) for ADA remains near the 50 level, and the RSI line is trading above the simple moving average (SMA) line. This positive signal suggests that buyers have control of the market, implying an anticipated price rise shortly.
Additionally, the volume of the coin has shown an increase. This rising volume suggests that the buyers are getting active and the price may rise in the upcoming days.
Conclusion
The ADA coin is showing signs of recovery. The price reversed after hitting the support level and overall circumstances are favoring towards an upmove. The indicators are also positive for the coin and the price has given a positive return in the last few months. Thus, the price is expected to rise in the upcoming days.
Technical Levels
- Support Levels: $0.242 and $0.21
- Resistance Levels: $0.329 and $0.407
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
