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Altcoin Thursday: Cardano

24 MARCH 2022 | ZebPay Trade-Desk

ADA is up ~28% week on week and is up 12% over the past 24 hours. The market cap is around $37bn. The asset beat its crucial support at $1.03 and bounced from there on, resulting in a positive shift in the RSI, indicating a reduction in selling pressure 

At the time of writing, ADA is trading at $1.09.

ADA, after taking multiple support at $7.5 began moving up and surged almost by 49% up to $1.12. Technically, on a weekly time frame, the asset was trading in a ‘Descending Channel’ over the past six months. However this week, ADA has given a breakout and is trading above the channel albeit with low volumes. The asset can face strong resistance at $1.2. Hence, to further rally, the asset needs to sustain and close above the resistance levels.

Support 2Support 1AssetResistance 1Resistance 2

Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.



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