Cardano—the third generation crypto after Bitcoin and Ethereum is trading notably above $0.100 after the major project—Shelly has launched. Cardano’s ADA coin has been fetching all the returns after the launch of Shelly and is now one of the top 10 cryptos of the market with a massive market capitalization of over $3.5 billion.
ADA price has strengthened by over 850% in 5 months from the massive sell-off in March and is now of the top altcoins of the market pertaining to growth and its blockchain platform. On the other hand, with the recent spike in the price since the previous month, Cardano is already testing 2-year highs with an overall bullish bias, the intraday, however, is not serving any justice to the profit makers and therefore, holds a bearish crossover.
Cardano Price Analysis
ADA/USD, at the time of penning down this analysis, was trading at $0.1402 and held complete support from MA50 and MA200 at $0.1402 & $0.0989. However, with respect to the short-term support from 50-day MA, Cardano may lose the same if it experiences a slightest of the pullbacks towards the closing of the day.
Moreover, since the last week of the previous month until the press time, the price trend ADA/USD is drawing a choppy market pattern. THE 20-day Bands do not exhibit any trading extremities on the above 12-hourly chart; however, we predict a moderate volatile movement as per Cardano price prediction.
The MACD chart is holding a complete bearish divergence due to range based trading and choppy market pattern as Cardano continues to trade between $0.1220 and $0.150 in the past four weeks now. The RSI is at 51.36 and is exhibiting no trading extremities due to a flattish trend.