Cardano [ADA] breaches $0.0370 key resistance as it enters overbought region
Well, the cryptocurrency market has remained more or less stable for the past 24 hrs with most of the coin showing marginal gains. At the time of print the total market cap of the crypto industry stands at $114 billion. The flag bearer of the crypto world, Bitcoin is up by 1.05 percent and stands at $3,453.33. The coin is still languishing around the seven-week low and has been overshadowed by the surge of Litecoin [LTC]. Litecoin, the fourth-largest cryptocurrency by market cap, is currently changing hands at $37.70. One of the coins which has covered good ground in the past 24 hrs is Cardano. At the time ADA is up by 4.06 percent and is changing hands at $0.038447. The total market cap of the currency is $0.99 billion, and it has registered a 24-hr trading volume of $18,166,300. The 12th largest coin in terms of market cap has failed to retract to a market cap of $1 billion.
At the time of print, the coin has found support at 0.0371 and is trading above it at 0.0378. The price of ADA has been following a bearish trend since September 2018. Currently, the coin is below the 12-day EMA and the 26-day EMA which indicates that the coin is likely to fall further. The coin has breached the key resistance at $0.0370. Currently, the price of ADA is ranging between the levels of $0.0360 and $0.0390. The hourly RSI indicator stands at 70.9094 which suggests that the coin is trading in the overbought zone. The MACD shows that the coin is in the bullish zone and the 100 EMA line shows an upward trend.
At the time of print, ADA is up by nearly 3 percent and one ADA is equivalent to 0.00001113 BTC.
Cardano’s Shelley phase is all set to launch in Q1 2019. The Cardano community is eagerly awaiting the launch of the Shelley phase as it will make the Cardano blockchain fully decentralized. Currently, the blockchain is currently in the Byron phase. The Shelley phase will also mark the release of Cardano 1.5.
Earlier in the month of January, Cardano [ADA] recorded the most Github activity happening in cryptocurrency repositories in 2018. The blockchain registered over 45,000 commits last year and has become the most actively developed cryptocurrency in the cryptoverse.
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