- ADA coin price struggles to break above $1.4 amid the consolidation in the market . Meanwhile, ADA/BTC pair has observed a gain of more than 0.67% in the intraday session.
- Cardano price technical indicators hints towards a consolidation in price. It may soon see a reversal to the uptrend.
Why To Invest In ADA Crypto?
ADA crypto price is currently observing a consolidated momentum with hint of bearish mode. Cardano price is currently trading near the value of $1.3 and has seen a loss of more than 2% in the intraday session. Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. It is also used by agricultural companies to track fresh produce from field to consumer, while other products built on the Cardano platform allow educational credentials to be stored in a tamper-proof way, and helps retailers to clamp down on counterfeit goods..
ADA token price has seen a downslide of more than 46% from its all time high of $2.4. The volume to market cap ratio of the coin is near 0.032 suggesting a consolidated momentum in the price. If the ratio crosses over 0.8 then a strong uptrend can be seen.
Technical Indicators Suggests A Consolidated Momentum In ADA Crypto Price
The weekly technical chart of Cardano price suggests a consolidated momentum for upcoming weeks. On the daily chart, the price has formed doji candles, suggesting a mayhem in investors. Cardano coin price is currently trading below the 50 and100 Daily Moving Average, with a negative crossover in the past. The 50MA line is near $1.35 making it a temporary region for the price. The bullish momentum of ADA can see a halt near the value of $1.5. Meanwhile, the support in the asset price can be seen near $1. The ADA price may soon see a breakout above the 50MA and 100MA in the future. If it breaks above 15 to 20% above the current level then a strong uptrend can be seen. ADA/BTC pair is also on an uptrend and can soon see a major breakout . One might forecast a strong bullish rally in ADA price in the future.
Conclusion
ADA crypto price is currently in a slump but can soon revert to the uptrend. ADA/BTC pair can also see a breakout from the previous resistance.
Technical Levels
Major Resistance:$1.5
Major Support: $1