ADA Price Analysis: Cardano Token Rising and Jumped Above 200-DMA
- Cardano token is trying to hold the vital moving average of the 200-day while fails to sustain above 20, 50, and 200-day moving averages.
- The coin is presently trading just above 200-DMA, while 20 and 50-day are a substantial hurdle.
- The pair of LTC/BTC is trading flat at 0.003664 BTC with an intraday gain of +0.94%, and the ratio of LTC/ETH is CMP at 0.05911 ETH with a loss of -1.18%
Over the monthly chart, the Cardano token is trading on a slightly bearish note, as it is making lower highs and lower lows sequences. The coin breaks its 200-DMA line, while some recovery is seen from the lower levels, and the coin is presently trading just above its 200-day line.
The volume over the monthly chart is lower and falls below the average line, which needs to improve in upcoming trading sessions. Once the coin starts to sustain above 20, 50, and 100-day moving average lines, a positive volume action will push more buyers. Support on the lower side is at $1.02 and $0.94, whereas resistance on the higher side is $1.37 and $1.49.
Cardano token at 4-hour time frame is trying to recover
Cardano token, at the 4-hour time frame, is trying to recover after reaching its oversold zone. The volume over the weekly time frame is now trying to recover and jumped above the average line. In contrast, the technical parameters are turned bullish after testing its oversold zone. Presently, ADA is trading at $1.17 with an intraday gain of +0.54%, and the volume to market cap ratio is at 0.04884.
Relative Strength Index (Bullish): Cardano token RSI presently indicates a bullish or positive trend over the weekly chart. In contrast, the RSI is trying to rebound after testing the oversold zone and now heading higher CMP 55.
Moving Average Convergence Divergence (Bullish) currently indicates a positive or bullish trend on the daily chart. This is because the buyer’s signal line (green) overlaps the seller’s line (red).
Support levels: $1.02 and $0.94,
Resistance levels:1.37 and $1.49.