- Cardano, at the time of writing this article, was trading at $0.0503 after breaching an 8-week long resistance at $0.054, in the early trading hours, today
- Moreover, due to an intraday hit of volatility, ADA retested daily support at $0.04706 just to have a quick rebound at $0.0503
- The 20-day Bollinger Bands laid are seen widening and is hinting towards the upcoming volatility
- Additionally, Bitcoin makes an amazing comeback as the community awaits the halving in less than ten days which has influenced the momentum of the altcoins as well
- The recent dip around the daily support led to a loss of 50-day MA support while the current rebound regained 200-day MA support
Cardano Price Analysis
On the intraday chart, Cardano is experiencing intraday volatility on the daily chart against the American Dollar after gaining momentum for a brief period. ADA coin was maintaining a winning streak until the price dipped below $0.0548 and lost the steady support from the daily moving averages. After hitting the daily support briefly, Cardano price retreated to $0.050 and retained 200-day MA support. While it is yet to regain 50-day MA support as it needs a persistent trade above $0.050 trading area.
The technical indicators also confirm the glimpse of volatility as the MACD line is slightly crossing above the signal line after a bearish pull below $0.050. The RSI of ADA coin is also rebounding at 43.37 after sliding below 30. The hourly resistance lies at $0.050 for a notable bullish crossover, and the daily support to watch out for lies at $0.0470.