Cardano Price Movement Analysis for 20th March, 2021

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Cardano has been reaping the benefits of its listing on multiple exchanges. The altcoin’s price has increased as a result of its new listing on Coinbase, and it could be on the way to another spike.

At the time of publishing, ADA was worth $1.27, with a market capitalisation of $40.29 billion putting it in fourth place on the CoinMarketCap list.

Cardano 6-hour chart

According to the preceding, the ADA value has been spiking and has not dropped below its immediate support. ADA has clung to $1.24 support and has been trading beyond it. This consolidating price may experience a price swing higher and challenge the $1.36 resistance level.

Reasoning

The Parabolic SAR predictor showed that the market’s price was rising. However, owing to the sale, the markers that were aligned under the candlesticks were now moving above the candlesticks. Whereas the 50 moving average has stayed below the price bars, suggesting an upward trending price.

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According to the Relative Strength Index, the current price may be a stable amount for ADA traders. The indicator was in the overbought zone, but it had dropped to the equilibrium zone, reflecting the sell-off that occurred when the asset entered the overbought zone. Currently, sellers were attempting to enter the market once more.

Surprisingly, the cool oscillator, which was witnessing a decrease in momentum, is now experiencing a spike in momentum. The creation of a green bar that was taller than the red candles showed that the bulls were not about to give up the market to the bears quickly.

Crucial levels

Entry-level: $1.28
Take profit: $1.37
Stop-level: $1.23
Risk to Reward: 1.67

Conclusion

Traders have been pushing and pulling on the current Cardano market. Despite the fact that bearishness was creeping in, the bulls were not totally gone. If the bulls keep fighting, the price will swing and traders will take benefit at $1.37.

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