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ADA Price ‌Analysis:‌ Cardano Coin on Urge of Breakout, CMP Near Critical Levels

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  • Cardano coin is trading near its make or break levels, and the breakout above the levels can give a good upside in upcoming trading sessions
  • The crypto asset over the monthly chart is presently trading just below 50&100-day moving averages, while placed above SMA of 20 and 200-day
  • The pair of ADA/BTC is trading at 0.00003147 BTC with an intraday loss of -3.21%, and the ratio of ADA/ETH is CMP at 0.0005334 ETH with a slight loss of -1.03%
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Over the monthly time frame, the Cardano coin is trading on a bearish note as the coin is making lower highs and lower lows sequence. The token is presently trading near its essential moving average of 50&100-day after a gradual recovery from lower levels.

Whereas, volume over the chart is still lower and also falls below the average line. The volume needs to improve and support the breakout above the crucial levels in upcoming trading sessions. Whereas, once the coin starts to sustain above all moving averages, supportive volume action will push more buyers. Support on the lower side is at $1.18 and $1.00, whereas resistance on the higher side is $1.49 and $1.78.

Cardano coin is trying to rebound after a long downtrend 

tradingview

Over the weekly chart, the Cardano coin is trying to rebound after a long downtrend, whereas the coin is heading higher. After a significant downtrend, the ADA token now trades on a bullish note while making higher highs and lower lows patterns. Likewise, the volume activity over the chart also increases and jumps above the average line. Presently, the Cardano coin is trading at $1.31 with an intraday gain of +1.31%, and the volume to market cap ratio is at 0.03648.

Relative Strength Index (NEUTRAL): Cardano coin RSI presently indicates a sideways or flat trend over the weekly chart. In contrast, the RSI is trading flat after testing the overbought zone and now CMP 57.

Moving Average Convergence Divergence (NEUTRAL): This currently indicates a neutral or cautious trend on the daily chart. This is because the buyer’s signal line (orange) overlaps the seller’s line (blue) with no sign of clear momentum.

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Support levels: $1.18 and $1.00

Resistance levels: $1.49 and $1.78.

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