Cardano Price Held Down by 50 EMA Line on the Daily Chart -Breaking
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Cardano’s Price Holding Down with 50 EMA Lines on the Daily Chart- In the past 24 hours, BTC has surpassed $30k.
- ADA gained more than 25% over the 24 hour period to outperform SOL (and XRP) in terms of market value.
- The technical analysis indicates that ADA could see continued increases if the line crosses above 50 EMA.
According to CoinMarketCap, the cryptocurrency markets rose slightly in the past 24 hours with market leader (BTC) breaking above $30k to reach $31,525.00.
Also, ADA has seen a price rise of 25.85% to $0.6539 in the last 24hrs. ADA also saw gains over the past 7 days, with its price increasing by 26.40% during the same period. The gains posted by ADA recently have allowed it to surpass both (XRP) and (SOL) in terms of market cap as ADA moves to number 6 on CoinMarketCap’s list.
Now that ADA has posted the gains that it has, what’s next for the coin in the short term?
ADA pushed 50 EMA Sources: TradingView
As the USDT/ADA daily chart shows, the 50 EMA serves as resistance. The price of ADA tried breaking through the line but was unsuccessful.
The RSI for ADA still exceeds the RSI SMA lines and is inclined parabolic downwards. It will depend on whether ADA is able to break through the 50 EMA level. The bullish movement seems to have a lot of buy volume.
The RSI stands at 56.82. There’s still time for ADA’s price to rise before it enters overbought territory. This price move could be due to anticipation of the hard fork. The price of ADA could continue rising due to market anticipation, increased buy volume and current RSI reading.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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