- Despite the higher-level correction, the Cardano coin, the third largest crypto asset, looks strong on the technical chart.
- The crypto asset on the monthly chart is still holding above its key DMA lines of 50, 100 and 200 day moving averages, but volume activity is lower.
- The ADA / BTC pair is trading negatively at 0.0005779 BTC with an intraday loss of -2.35%, and the ADA / ETH ratio is CMP at 0.0007739 ETH with a significant intraday loss of -4.82 %.
Cardano Coin above the monthly chart is trading positively, although there is slight profit taking from higher levels. However, it still manages to hold above its key DMA lines of 50, 100, and 200 days with limited downside. Cardano has the strongest technical setup compared to other altcoins, which gives the bulls confidence. Additionally, the current dip or upcoming dip can be used to buy until the coin holds above the 100 and 200 DMA lines.
Volume is another important factor for bulls which is lower and needs improvement in the upcoming sessions. Support on the lower side is at $ 2.24 and $ 2.01, while resistance on the higher side is at $ 2.93 and $ 3.10.
Cardano Coin moves higher with supporting technical parameters
Cardano Coin on the weekly chart is trying to move higher with supporting technical parameters. The digital asset is making higher highs and lower lows while volume activity also improves. The short term trend is bullish but soon we can see slight profit taking in the upcoming trading sessions as ADA moves towards the overbought zone. Currently, the Cardano coin is trading at $ 2.65 with intraday action of -1.52% and the volume to market cap ratio is 0.08853.
Relative Strength Index (BULLISH): Cardano Coin RSI is showing a gradual uptrend after consolidation on the weekly chart. In contrast, the RSI is moving towards the overbought zone and the CMP at 56.
Moving average convergence divergence (BULLISH): The daily chart shows a mixed trend over the 4 hour timeframe. At the same time, the buyer’s signal line (green) overlays that of the seller (red) with a positive crossover.
Support levels: $ 2.24 and $ 2.01
Resistance Levels: $ 2.93 and $ 3.10.