Cardano [ADA] locked in consolidation phase: Technical Analysis
The cryptocurrency market is rallying after being weighed down by prolonged bearish trends. Currently, all top 10 coins, barring EOS [EOS] and Monero [XMR], are trading in the green. The collective market cap stands at over $128 billion, a gain of $7.88 billion over the past day. Cardano [ADA] is also on the road to recovery, after its value nearly halved in the last month. The coin’s price had sunk 25.5% in the last seven days.
The 100 EMA line indicates that the coin is exhibiting a downtrend. The MACD shows that the crypto was slowly entering the bullish zone. The hourly RSI indicator is currently at 57.19, which shows that the digital asset is attracting buying interest in the market. A new major support began to form at $0.041 on Sunday, below which the crypto is currently trading. At press time, the virtual currency had gained 6.1% against the U.S. dollar to trade at $0.037. Its market cap stands at $982 million at present, gaining over $82 million over the day, according to data from CoinMarketCap. The coin was exhibiting a trading range of $0.036-$0.039.
The virtual currency had climbed 2.9% against top crypto Bitcoin [BTC], with one ADA valued at around 0.0000096 BTC.
Cardano [ADA] Latest Updates
In a recent Ask Me Anything (AMA) session, Cardano founder Charles Hoskinson talked about the upcoming 1.4 and Shelly update for Cardano 1.4. The updates are slated for release by the end of this month or early December. The AMA session followed the abrupt departure of Michael Parsons from the organization after many in the community accused him of poor leadership.
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