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Since the beginning of the year, the Cardano business has been on a tear. It has grown by 504 percent since the beginning of the year. At the time of publication, the ADA market was seeing a boom, with the coin trading at $1.24.
Cardano’s good fundamentals and the growth of its ecosystem have held its worth above $1.
Cardano four-hour chart
Cardano’s price reached a high of $1.56 before plummeting. Despite the fact that selling pressure moved the market below $1, ADA stabilised and was now trading at $1.23. The market gained more bullish momentum as the commodity attempted to break the next support level at $1.28.
At the time of publishing, the ADA market was competitive and only increasing, as shown by the divergence of Bollinger bands. The signal line has sunk under the candlesticks and could provide protection if the price reverses.
Meanwhile, the Relative Strength Index was at 58, indicating that the digital asset was slipping out of equilibrium as purchasing demand increased. Over the past week, ADA has stayed close to the oversold zone, but the charts show a shift in the trend as it attempts to find equilibrium at this price level. The momentum has shifted to the positive side, as shown by the Awesome Oscillator, and now is the time for ADA to measure the resistance.
A retail tussle between buyers and sellers occurred at $1.23. A measure of the resistance may fail, but the market may not see a significant correction and continue to trade at $1.20.