Cardano Price Movement Analysis for 29th April, 2021

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After the end of the downtrend on April 22nd, the Cardano sector has been steadily rising. The ADA’s valuation has increased by 43 percent in the last five days and has started to rise. ADA was valued at $1.37 at the time of publication, with a market capitalisation of $43.99 billion.

Cardano 4-hour chart

Cardano has been experiencing a solid uptrend in the spot market; however, the long-term chart could be indicating an impending decline. This drop may be the product of the asset’s solid rally over the last week.

After the commodity reached $1.4, the price has been somewhat volatile, as selling pressure has increased. This may be due to traders looking to win when the demand was still at a peak.

Reasoning

At the time of publication, the Bollinger bands were diverging, indicating heightened uncertainty. However, when selling pressure emerged in the mid-term, the signal line was nearing the candlesticks. The 50 moving average stayed below the candlesticks, signalling that the digital asset’s price is rising.

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Since the price has been that for nearly a week, purchasing pressure has driven ADA into the overbought sector. At the time of publication, the relative strength index had reached 69, indicating that the ADA market had been flooded by purchasing pressure. As a result, the price became unpredictable and could crash. Similarly, Chaikin Money Flow suggested that liquidity has been pouring into the ADA market, confirming the market’s strong buying pressure.

Critical level

Entry-level: $1.37
Take Profit: $1.29
Stop-level: $1.41
Risk to Reward: 2.02

Conclusion

Cardano’s latest chart shows that the commodity has entered the overbought region due to consistent purchasing interest over the last week. As the market attempts to recover, we may see a pattern turnaround. Traders will profit from a short position if the price falls below $1.29.

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