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Cardano Trading Analysis – ADA Performing Active Uptrend with +47% Gains in a Week.
Cardano ADA is in active uptrend here like many other altcoins are. The Cryptocurrency Cardano ADA just went up +15% in a single day and surges over +47% in a week.
What is Cardano ADA?
ADA is a token on a distributed computing platform that runs smart contracts, decentralized applications, side chains, multi-party computation, and metadata.
Cardano Quick Stats
| SYMBOL: | ADA |
| Global rank: | 9 |
| Market cap: | $6,521,127,429 AUD |
| Current price: | $0.205990 AUD |
| All time high price: | $1.81 AUD |
| 1 day: | +14.4% |
| 7 day: | +47.70% |
| 1 year: | +325.74% |
Cardano Price Analysis
At the time of writing, ADA is ranked 9th cryptocurrency globally and the current price is $0.20 AUD. This is a +47% increase since 17 November 2020 (7 days ago) as shown in the chart below.
The target of this active trend is either this blue top trend line or the 0.5 fib level. Assuming if Cardano ADA breaks this double top, then it’s leaning towards a $0.173 price level, If Cardano ADA hits the 0.5 fib level, it might make a huge bullish structure, inverse H&S, and it most likely to retest that top blue trendline.
Fib is Fibonacci retracement levels & these are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced.
Despite the optimistic bullish scenario, the cryptocurrency market’s unpredictability means the bearish outlook cannot be disregarded. The charts show that the sell-off below $0.12 will speed up the correction and bring more sellers to the market. In this case, $0.1 will come into focus. This psychological barrier is reinforced by a combination of 50,100 and 200-day EMA. a sustainable move below this area will invalidate the bullish scenario.
What do the technical indicators say?
The Cardano ADA TradingView indicators (on the 1 day) mainly indicate ADA as a buy, except the Oscillators which indicate ADA as a sell.
Cardano’s Network is on Fire
Cardano’s network growth gives additional credence to the bullish outlook. The number of new addresses doubled in the past few days and hit the highest level since the beginning of August. According to Intotheblock’s data, over 12,500 new addresses were created on Cardano’s blockchain on November 22 against 5,600 addresses on November 19. The growth coincides with the price increase and implies that the bullish momentum remains strong.
Recent ADA News & Events:
- 28 October 2020 – Chicago Meetup
- 23 October 2020 – Stake Pool Re-delegations
- 05 November 2020 – Hong Kong Meetup
- 31 December 2020 – Pre-production Env
Where to Buy or Trade ADA?
ADA has the highest liquidity on Binance Exchange so that would help for trading ADA/USDT or ADA/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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