Technical Indicators Sending Mixed Signals About Cardano (ADA)

  • ADA is currently trading hands at $0.2656 after a 0.08% increase in price.
  • The price of ADA is also currently trading above the 9-day EMA line.
  • ADA’s daily RSI indicator is showing bearishness.

Cardano (ADA) is one of the cryptos in the green for the day so far. According to the crypto market tracking website CoinMarketCap, ADA is currently trading hands at $0.2656 after a 0.08% increase in price over the last 24 hours. The Ethereum killer was also able to reach a high of $0.2699 and a low of $0.2631 over the same time period.

ADA is also still in the green by more than 8% over the last week. The crypto also strengthened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 0.39% and 0.07% respectively.

ADA’s 24-hour trading volume, however, is currently in the red zone and is standing at $219,948,346 after a more than 9% decrease since yesterday.

Daily chart for ADA/USDT (Source: CoinMarketCap)

The price of ADA is currently trading above the 9-day EMA line after an influx of buy volume entered the market yesterday. The upward move elevated ADA’s price from a low of $0.2518 to a high today of $0.2713. Its price has retraced slightly, however, after tapping the resistance level at $0.2675.

Technical indicators are giving mixed signals at press time. Currently, the daily MACD indicator is showing bullish signs with the MACD signal line positioned above the MACD SMA line. The MACD histogram is also a positive sign for the altcoin.

Meanwhile, the daily RSI indicator is showing bearishness with the RSI line now sloped toward the oversold territory. However, the daily RSI line is still positioned well above the RSI SMA line.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Post Views: 37