ADA’s Relative Strength Index is Leaving the Oversold Region. At the time of writing, the price of Cardano ADA was $0.096015. It is up by 6.80% against the USD and up by 4.87% against Bitcoin BTC.
The trading volume over 24 hours was $688,079,145 and the market capitalization was $2,489,391,066. Earlier in trading yesterday, the technical indicators for Cardano ADA showed that the relative strength index was in the oversold level. The most crucial support after the $0.090 level is at $0.089. This also happens to be near the 200 daily EMA. The MACD is also moving to the bullish region. So, the current upward correction was expected and will most likely continue as long as the 200 daily EMA holds.
The price of Cardano ADA also formed another support at the 0.382 Fib retracement level which is at $0.078. The Cardano ADA token mustn’t break this support. If it does, there is a strong chance that it will fall significantly and lose all its post Shelley gains.
The Shelley-related surge took the price of Cardano ADA from the $0.05 level to the $0.1550 level. Unfortunately, the token started to lose its gains even before the rest of the market became bearish against the USD. It fell to the $0.1330 level where it found some stability for a few weeks.
Things took a negative turn for Cardano ADA when Bitcoin BTC started falling. At the time of writing, the price of Bitcoin BTC was trading at $10,181.59. It was up by 0.23% against the USD with a trading volume of 34,937,763,166 and a market capitalization of $188,182,943,977. The token has been higher volatile over the last few weeks despite the increase in capital interest in the cryptocurrency market.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano ADA Starts Gaining Momentum in Market-wide Recovery
- Cardano’s Fall Below the $0.10 Level was Bad but There is Hope for a Bullish Recovery
Cardano ADA fell below the $0.10 level two days ago. In our Cardano ADA price prediction at the time, we noted that the token will recover higher right after it tests the support at $0.090. Thankfully, the token didn’t even move as low as this level before it gathered bullish momentum and started recovering higher against the USD along with Bitcoin and other cryptocurrencies on CoinMarketCap.
Things are looking up for Cardano and there is a strong chance that they will get better in the next few days. After all, the last time Cardano fell this much, it subsequently started recovering rebounding to the $0.105 level. The support at the $0.090 is holding steady. So, as long as the token remains above this level, there is still hope for the bulls.
