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Cardano (ADA) Faces Whipsaws of Price Action

Cardano is a platform for visionaries and innovators who want to create an impact in the cryptocurrency market. It incorporates the ‘Proof of Stake’ mechanism. On the other hand, Bitcoin uses the ‘Proof of Work’ algorithm. 

Founded by Charles Hoskinson, one of the founders of Ethereum. This leading third-generation crypto ADA is ranked fourth among the cryptocurrencies. It aims to create a secure, transparent, and fair society through the redistribution of individual power. 

From February, it has taken a bullish momentum, mainly due to the upgrade of Cardano. Alonzo Hard Fork Combinator is the upgrade of Cardano, which focuses on smart contactless functionality. Developers can now develop decentralized applications on the Cardano blockchain. 

Cardano Price Analysis

Indeed, it is big news, and it helps to take a bullish momentum. The weekly chart is standing on the support level of $2 and preparing to take off again and break the resistance of $2.80. 

It has a strong support level of around $1.18. However, Cardano news is positive; the price chart is bullish, so it is a great time to buy more ADA coins. 

However, the MACD chart and MA are presenting a bearish signal. The blue line has just crossed the red line, and it is coming downwards. Indeed, it is a bearish sign. There are five Doji candles, so it is difficult to predict which way the price will move. However, if it takes a bearish turn, it may not cross the support level of $1.18.

Candlesticks are above the red line on the Bollinger Band, which is a bullish sign, and it shows the next weekly candle may go up to the resistance level. 

If you are a conservative investor, you may wait for two more candlesticks to predict the chart’s direction properly. However, it is a good opportunity to bag up some more coins and enjoy this bullish run. 

Please note that, after creating many Doji candles, the ADA price may change very soon.  Please observe the chart very cautiously.

Sara Gillard: Sara Gillard is media focused research analyst and strategist with a background in blockchain technology and cryptocurrencies. She contributes latest news and insights into digital economy at a global level. She holds investments in BTC and several altcoins. She is optimistic about potential of cryptocurrencies. In her free time, she enjoys running and aerobics.