Cardano Price Movement Analysis for 9th April, 2021

Spread the love

 452 Interactions,  2 today

The Cardano environment has received some positive news in recent weeks. Cardano CEO Charles Hoskinson announced that the NFT marketplace will be prioritised, and that his staff had already negotiated with some of the top ten NFT marketplaces about porting them over to Cardano.

He also spoke at the Blockchain Africa Conference, announcing that they were on the “cusp of agreements and initiatives” with some African countries by public-private collaborations, opening the way for millions of consumers to join the ecosystem. The IOHK team also went over the deployment of the most recent Cardano hard fork, Alonzo.

On the markets, ADA was consolidating at the $1.2 level and did not display any signs of increasing bullish momentum. A break above $1.27 and $1.34 is needed to mark a return to the $1.5 highs.

Cardano 1-day chart

On the daily monitor, the market has opened in the $1.16-$1.18 range for the last ten days, representing a 1.75 percent gap. Although candlewicks on the daily chart have reached as high as $1.27 and $1.34, they have been rebuffed by selling pressure. The recent strong rise from $0.82 to $1.5 has retraced to $1, and demand has since driven the price higher. Over the last month, it appears that a spectrum of $1-$1.5 has been identified (aqua), with ranges of importance (pale yellow) outlined within this range.

RECOMMENDED READ:  Chainlink Price Movement Analysis for 25th March, 2021

There is still some help at the $1.17 and $1.13 rate, with opposition at $1.27 and $1.34 just above. However, a symmetrical triangle pattern (orange) was found, indicating a jump above these thresholds.

Rationale

Over the last month, trading turnover has been declining, indicating a consolidation. When combined with the triangle trend, it seems that ADA would consolidate until a bullish breakout.

Over the last few days, the RSI was hovering just above neutral 50, indicating no real momentum in either direction. The OBV has been gradually rising, indicating that some accumulation was taking place.

 

Conclusion

The long-term outlook for ADA is bullish, with a breakout over the continuity trend (triangle) setting a technical goal of about $1.7.

Leave a Reply

Contact Us