- Cardano token trades below the short-term moving averages of the 20- and 50-day lines; it seems that traders are waiting for a clear direction.
- Although the crypto asset looks stronger compared to another altcoin, it is successfully placed above the 50, 100 and 200 day moving averages.
- The ADA / BTC pair is trading solidly positive at 0.00005272 BTC with an intraday increment of + 3.03%, and the ADA / ETH ratio is CMP at 0.0007346 ETH with an intraday action of +3.18 %.
Cardano Token above the monthly chart trades below the short-term moving averages of the 20- and 50-day lines. While the token looks stronger compared to other altcoins and the volume activity is a bit lower. Currently the coin is conveniently placed over the 50, 100 and 200 day lines.
On the higher side, a 20-day short-term moving average acts as a small hurdle for the upcoming sessions. If ADA manages to regain its 20-day short-term moving average, it will drive more buyers. Support on the lower side is at $ 2.30 and $ 2.14, while resistance on the higher side is at $ 2.78 and $ 2.98.
Cardano token now forms a bullish engulfing candle
Cardano After moving sideways, the token on the weekly chart now forms a bullish engulfing candle. The coin is heading for the higher levels as it breaks its sideways consolidations from recent trading sessions. The technical parameters gradually move towards the higher levels, with a positive crossover. The volume over the 4 hour period is still lower and needs to grow further for a positive, sustainable rally. Currently the IOTA is trading at $ 2.54 with + 5.72% intraday action and the volume to market cap ratio is 0.04783.
Relative Strength Index (BULLISH): Cardano Token RSI is trying to move higher after testing the oversold zone on the weekly chart. In contrast, the RSI is bullish and moving towards the overbought zone, now CMP at 56.
Moving average convergence divergence (BULLISH): The daily chart shows a positive trend in the 4 hour timeframe. At the same time, the buyer’s signal line (green) always overwhelms the seller’s line (red) with a positive crossover.
Support levels: $ 2.30 and $ 2.14
Resistance Levels: $ 2.78 and $ 2.98.