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ADA Price Analysis: Cardano Token Reaches Short Term Resistance of 20 and 50-SMA

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  • Cardano token looking strong, as it holding above the vital moving averages of 100 and 200-day
  • The 100-DMA acts as a strong support zone, and ADA witnesses a strong bounce back from 100-DMA; whereas, 20 and 50-SMA act as short-term hurdles. 
  • The pair of ADA/BTC is trading in red at 0.00003966 BTC with an intraday loss of -4.02%; whereas, the ratio of ADA/ETC is at 0.0006191 ETH, up by +0.33% 
Source:traingview

ADA, the native token for Cardano, has gradually risen over the past few days. ADA reached its short-term resistance of 20 and 50-day moving averages. This is believed to be a temporary stop in ADA’s surge. ADA reached its resistance level near $1.64 during recent trading sessions but failed to cross that point. Cardano has been hovering near the short-term resistance zone for more than a week now, as seen on the chart.  

We can see strong bullish momentum if the coin manages to close above 20 and 50-Day moving averages. However, the volume recorded is lower while it falls below the average line and needs to improve in upcoming trading sessions. Support on the lower side is at $1.32 and $1.02, whereas $1.89 and $2.18 will act as resistance on the higher side. 

Source:tradingview

Over the weekly chart, Cardano has broken out from the resistance line, and the technical indicators favor the bulls in the short term. Presently the coin is trading at $1.53 with intraday loss gains of +5.20 and a total market capitalization of $49,001,701,325. 

Relative Strength Index (BULLISH): Cardano token RSI is presently projecting bullish momentum, gradually heading towards the overbought region over the weekly chart. At the same time, trading at 54 levels.  

Moving Average Convergence Divergence (BULLISH): Currently projecting a positive trend over the weekly chart. The MACD shows the buyer’s signal line (green) is overpowering the seller’s line (red).  

Support levels: $1.32 and $1.02 

Resistance levels: $1.89 and $2.18