The biggest cryptocurrency on the market, Bitcoin slipped under $50k, and in its footsteps, the altcoin market also noted price dips. However, despite facing a hard blow, some altcoins were quick to bounce back, including Cardano [ADA].
With a market capitalization of $33.33 billion, Cardano was ranked fifth on the CoinMarketCap list. Despite the minimal movement that has been evident in the recent past, ADA has been planning to climb to new heights.
Cardano [ADA] one-hour chart
The above chart of Cardano [ADA] illustrated the bearishness that caused the stock to fall to $0,8100, just a few days ago. However, the price has visibly recovered from the fall and is currently moving at $1.02 and $1.08.
At the time of publishing, ADA was close to its $1.08 resistance, seeking to conquer it. If the market indicators stay solid, the coin may be able to push past this resistance and head to a resistance of $1.14.
The Bollinger bands have shown that the ADA market has lost its volatility and is heading sideways. This sideways action had, for the time being, allowed bears to lead, but as the price moved above, the bullishness was restored.
Meanwhile, the increased purchasing of the digital asset was noticeable through the relative strength index, which remained in balance for the last few days but is now heading towards the over-purchased sector. The momentum is also growing with the buyers on the market and could allow the price to test the resistance.
Take profit: $1.15
Risk to Reward: 2.36
The latest map of Cardano shows that the digital asset has been consolidated. However, the rising buyers on the market were trying to drive the value up and turn the trend to a bullish one. If the trend persists, the ADA value will grow above $1.08 and measure for $1.14.
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