Cardano [ADA] finds resistance at $0.0400, approaches oversold territory
It has come as a surprise to many as the cryptocurrency market continues to remain calm and is showing signs of stability which is least associated with the crypto market. Most of the top coins are slightly down and have registered moderate losses in the past 24 hrs as bears have started to make their presence felt. While most of the coins are stable, there is an impending sense of bearish trend taking over in the near future. Cardano [ADA] is one such coin that has witnessed a slight dip in its price in the past 24 hrs. Currently, Cardano is down by 2.44 percent and is trading at $0.040985. The total market cap of the coin stands at $1.06 billion with a trading volume of $12,695,889 in the past 24 hrs.
On Friday last week, when the market witnessed spike Cardano was in a bullish trend zone. The currency attained a high of $0.0400 and then retraced back as normal business was restored in the market. The support level for the coin stands at $0.0371 and the key resistance level for the coin stands at $0.0392. The $0.04200 price level has acted as a resistance to the price of Cardano since Friday last week. Currently, the price is ranging in a range around $40. The hourly RSI indicator is at 36.6789 and is fast approaching the oversold territory. There is a chance that if the bulls break the resistance at $0.04200, then there is a probability that the crypto will reach the previous high of $0.0460. The MACD shows that the coin is in the bearish zone and the 100 EMA line shows a downward trend.
At the time of print, the digital asset is down by 2.07 percent and is trading at 0.00001116 BTC.
As per reports, the Cardano’s Shelley phase is in the pipeline and set for release in Q1, 2019. The Cardano community is waiting with bated breath for the Shelley phase as it will make the Cardano blockchain fully decentralized. The blockchain is currently in the Byron phase. The Shelley phase is second in the Cardano roadmap.
In the month of December last year, IOHK [Input and Output Hong Kong] released Cardano 1.4. The change saw many new features that would impact the network functionality.
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