The Cardano ADA token might have built up some momentum over the last few days but it is still far away from the yearly high of $0.154 level which is tested on the 24th of July.
Since then, the token has been declining steadily safe for some recoveries against the USD. On the 23rd of September, the Cardano ADA token dropped to a local low of $0.075. As expected, this low gave the Cardano ADA token what it needed to move higher against the USD. This was what allowed the Cardano ADA token to move above the $0.103 level where it has now found strong support.
On the 13th of October, the Cardano ADA token moved as high as $0.114 validating the 0.5 Fib level of the last fall. The price was rejected and started moving lower against the USD. The technical indicators show that the Cardano ADA token is bullish on a daily trend. The relative strength index, MACD, and stochastic oscillator are all bullish against the USD near-term. The most significant resistance near-term is at the $0.124 level. In the next few days of trading, everyone would know what direction the Cardano ADA token will take.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Cardano ADA Has Gained Momentum Above the $0.103 Level for the First Time in Weeks
- ADA Must Rise Above the $0.112 Level Before we Can Confirm That
Cardano ADA has finally gained momentum to rise above the $0.103 level where it found stability for the past few days. The token has been in a descending resistance line for many days now. The Cardano ADA token has formed string support at the $0.103 level but there is still key resistance at $0.112. Before the Cardano ADA token can move higher to the key resistance at the $0.115, it must find a way to move above $0.112 soon.
Cardano ADA Has Been Relative Bullish Since Sept 23
At the time of writing, the price of the Cardano ADA token was $0.103415. It is down by 2.82% against the USD and down by 2.32% against Bitcoin BTC. The trading volume over 24 hours was $526,751,349 and the market capitalization was $3,217,496,548.
The Cardano ADA token has been relatively bullish since the $23rd of September and will most likely continue to rise as long as it remains above the $0.112 level. Despite the current price action of the Cardano ADA token, it has failed to move above the key resistance at the $0.124 level.
