At the moment, Cardano is the 5th crypto by marketplace capitalization.
The symbol for it is ADA. At USD 0.903605 for each token (currently), the crypto has a marketplace capitalization of USD 278.53 billion.
Overall, the liquidity of longer positions remains a lot higher than that of shorter ones, and it keeps on growing, telling us that the price of Cardano’s coins is going to go even further up. Shorter positions are declining, too, telling us that the momentum of Cardano’s coins is still in the bullish spectrum. Overall, it seems like Cardano is poised to become one of the more sought-after digital coins.
One can see, observing this daily ADA candle graph, that right after ADAUSD bottomed out at a lower mark of USD 0.686, it recovered on Feb 15 and traded over USD 0.85. The price of ADA had a long upper shadow and didn’t have a low one on Feb 18, which made for a falling star. This tells us that a bear-like pattern was occurring since the price was going up. Then, purchasers had a try to push the pricing of ADA further up, but the sellers came out and got the lead over the purchasers – the selling power was bigger than the purchasing power for Cardano’s coin.
Seeing how there isn’t any purchasing fuel left in the marketplace, we can now see a bearish signal. Thus, ADA’s pricing will display somewhat of a downward trend in the shorter-term.
From the Moving Average Convergence Divergence graph, one can observe that the blue MACD line started to turn downward and is coming near the yellow signal line. Both lines are nearly merged, signaling a possible death-cross, a signal that the marketplace will turn bearish. In addition, a fall in the volume of trades can be seen. It is a sign that a death cross is approaching, as well as a shorter-term bear marketplace.
The price of ADA will probably retrace by 23.6 percent, from a tech viewpoint. The supporting level for Cardano’s coin is at about $0.823042 in the shorter-term, but this price is not the most reliable. The price may rebound and go back to $0.98 and crawl to $2. If you are a Cardano investor, be watchful of the 2nd level of the retracement, which is around $0.7247, seeing how there is robust support close to this price. If the upcoming price comes down from $0.7247, the currency could go down to $0.645. And if Cardano’s coin is to rebound from this number, the price scope will stay somewhere around USD 0.645 and USD 0.981.