Cardano’s cryptocurrency (ADA) is the 11th by market capitalization. It’s trading at $0.095191 as we write this. It’s red for the day at 2.24% but green for the week at 2.30%.
The chart looks okay but the trading volumes we’ve seen during the last few hours have been nothing to write home about. The market analysis looks more stable than trendy; if the Bollinger bands were a little more narrow, we would think it’s trading sideways. But most indicators are for the bulls, so let’s see what the technical analysis holds in store for us today.
24-hour technical analysis
In the daily technical, we find the price to be slightly below the pivot point (0,098266) but stable as we write this Cardano price analysis. ADA’s recent rise has been slow, but it looks steady, so it could test the pivot point. If it manages to stay above it, the bulls could have the day.
The first resistance level is at 0,1020046, so it’s not that far away. That’s for the classical levels, but if you’re a Fibonacci guy, the situation looks exactly the same.
The exciting thing is that every moving average is bullish as well as every technical indicator, except for one.
So if you go by technical analysis alone, it doesn’t get any better than this because every signal is stable and ready to go green. But the market is moving slowly so if you should choose to take a position you’ll need to have a plan, patience, and discipline.
Monthly technical analysis
The monthly signals are not that bullish. They’re almost entirely neutral. The moving averages are equally divided among bulls and bears, but the bears have the hand when it comes to technical indicators.
The price is well above the monthly pivot point, and it’s getting ready to test the first resistance level of 0,106740.
So going by price levels, the monthly is getting ready to go bullish. But taking technical indicators and averages into account, it looks more like a time to wait and see what happens in the next few days.
Outlook
Cardano is an excellent project. Today it’s not looking very volatile, but it also looks like it could get stuck in sideways trade at any moment.
It’s unlikely that investors that take long positions on ADA will lose money. But if they want to make a profit instead, they will need to pay a lot of attention to the market and follow a carefully developed investment plan.
As thing stand, ADA could render a profit in a matter of days, but not of minutes or hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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