Cardano Technical Analysis | 21st April 2022

21 APRIL 2022 | ZebPay Trade-Desk

The Cardano platform is powered by the ADA coin. Developers position Carnado as the third-generation blockchain. The main goal of the platform is to implement all the best features of Litecoin, Bitcoin, and ETHEREUM into one crypto asset. Coronado’s rank is at 9 and the market capitalization is $32bn.

At the time of writing, ADA was trading at $0.95

ADA was trading in a falling channel, and after taking multiple support at $0.75 it started moving upwards. The asset gave a breakout above the channel and rallied up to $1.245. However, the bulls failed to cross the strong resistance around $1.25 and prices witnessed a minor correction and dropped to $0.874. Currently, ADA is consolidating and trading in a narrow range from $0.9 to $0.98. Breakouts on either side with good volumes will further decide the trend for this asset.

Support 2	Support 1	Asset	Resistance 1	Resistance 2
$0.75	$0.9	ADA	$0.99	$1.25

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.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.