Cardano Price Movement Analysis for 5th April, 2021

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Despite recent trends, the Cardano market has seen rapid growth. As the project becomes more decentralised, the cryptocurrency’s market cap has increased by 616 percent since the beginning of the year.

Cardano had a market capitalisation of $37.80 billion and was trading at $1.185 at the time of publication.

Cardano 1-day chart

The Cardano map above shows that the digital asset’s worth has increased significantly over the last few months. The price has not been as volatile as other altcoins, but it has resulted in the coin’s uptrend in mid-February.

Currently, the price has stayed only above the $1.128 support mark, and it is likely that it will remain there.

Reasoning

The Bollinger Bands were emphasising times of high volatility, which were last seen in February. However, since then, the market’s uncertainty has decreased, giving way to a more stable price range. Cardano’s high valuation has been maintained by traders as the currency has not fallen below the apparent support level of $0.8011.

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The relative strength index, on the other hand, indicated that the asset had stayed in the equilibrium field. In which the purchasing and selling forces balanced each other out. This was partly due to the market’s low uncertainty.

Meanwhile, the MACD indicator observed that the market’s bearishness has been sustained after the previous price spike. However, this has not yet resulted in a sell-off.

Conclusion

The new ADA demand showed that the coin had hit a high price level and was being sponsored by traders. Since there hasn’t been any turnover in the coin, it can continue to sell at its current pace.

 

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