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Cardano Technical Analysis

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

Cardano Technical & Price Analysis

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 2Support 1AssetResistance 1Resistance 2
$0.75$0.9ADA$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.

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