The eleventh largest coin on CoinMarketCap, Cardano [ADA], was trading within the $45 to $54 range during the past week.
At press time, the crypto asset held a market cap of $1.42 billion, and was priced at $0.054. The digital asset registered a 24-hour trading volume of $49.48 million. ADA exhibited a growth of 2.16% against the US dollar over the past 24 hours, while a significant growth rate of 16.01% was recorded over the past seven days.
The Cardano community previously announced the integration of Ledger hardware wallet into the ADA ecosystem in order to address scalability, interoperability, and sustainability issues.
It has also been speculated that Coinbase Pro would add support for ADA, by the end of 2019’s second quarter.
1-hour
Source: TradingView
ADA’s one-hour chart exhibited an uptrend from $0.047 to $0.050, and another uptrend from $0.050 to $0.054, which can be attributed to the aforementioned upgrades. No significant downtrend was observed on the chart, following the bullish recovery last week. The immediate resistance was at $0.055. The support for the coin was found at $0.047.
Bollinger Bands: The mouth of the bands depicted high volatility in the coin’s price
Awesome Oscillator: The closing bars of the indicator were green and suggested bullish price momentum for Cardano.
Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the ADA coin market. Hence, a bullish price pattern was pictured for the crypto asset.
1-day
Source: TradingView
The candlestick arrangement on the one-day chart of ADA showed a minor uptrend from $0.029 to $0.043, and a major downtrend from $0.12 to $0.049. The immediate resistance for the digital asset was marked at $0.105, while the immediate support stood firmly at $0.038 and at $0.029.
Parabolic SAR: The dotted markers were below the candlesticks, and indicated that the coin was following a bullish trail.
MACD: The MACD line was above the signal line and depicted a bullish course for Cardano’s price.
Klinger Oscillator: The reading line was also above the signal line for KO, posting a bullish pattern for the crypto coin.
Conclusion
The short-term indicators for Cardano [ADA] exhibited mixed signals with high volatility and possible price breakouts. The long-term indicators, however, projected strong bullish pattern for the coin’s price.
Read more at: https://ambcrypto.com/cardano-ada-price-analysis-coins-price-to-move-upwards-in-the-long-term/
