Cardano Price Movement Analysis for 12th April, 2021

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Since the beginning of the year, the price of Cardano has increased by 678 percent. The digital asset started the new year with a valuation of $0.1682, but after perseverance, it reached $1. Cardano was trading at $1.28 at the time of publication, with a market capitalisation of $31.94 billion.

As ADA traded close to its resistance, the long-term image became less unpredictable.

Cardano 1-day chart

The ADA chart above shows its meteoric increase above $1. This growth was accompanied by a period of restructuring, which was still ongoing. ADA’s movement is currently limited between $1.13 and $1.34.

However, the commodity has been trading in this range since the beginning of April and can continue to do so.

Reasoning

The lack of volatility in the market has caused the stock to move sideways. Despite the lack of operation, the ADA market remained bullish because both the signal line and the 50 moving average were below the candlesticks. This meant that consumers were remaining committed to the current price range.

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The Relative Strength Index, on the other hand, indicated that the asset had held close to the equilibrium zone but was now approaching the overbought zone. This meant that more customers were joining the ADA market, which might lead to a retest of the $1.34 resistance level.

Despite reaching the extent of its immediate resistance, ADA could be unable to overcome it due to a lack of momentum. As the price consolidated, the Awesome Oscillator indicated the demand traction had been diminished to near zero.

Conclusion

In the current ADA market, the price was moving sideways above $1, between immediate resistance and help. However, as the market’s uncertainty fades, the price may begin to consolidate in the coming week.

 

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