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As our previous analysis showed, ADA price has recently bounced back from its current support level, but the price is still short of its target. The path of least resistance for the ADA token will become bullish if it successfully crosses the 100 EMA level. The price has been respecting the support line for the last five months. I also make a double bottom and three hand-to-hand candlestick patterns. The bulls have several favorable factors that increase the likelihood of a near-term bullish recovery.
Cardano has a current value of $0.357. It has a market capitalization of $13.15 billion.
Rising TVL value of ADA tokens, stagnation of active users
TVL values have observed a significant rise after their recent decline near November last year. An increase in these metrics indicates that the token is regaining interest from buyers. ADA’s current TVL has increased since our last analysis. His TVL for the coin is his $171.14 million, down 5.15% in 24-hour trading volume.
Active user parameters are stagnant, indicating a lack of enthusiasm from new users. Currently, the total number of active users is about 80,000.
Technical Analysis of ADA Tokens
The RSI line is now above the midline after facing multiple rejections from 14 SMA points. The current RSI line value is 51.86 points. 14 SMA offers support at 44.46 points. For a strong recovery, the RSI curve needs to break out of the 14 SMA and the midline strongly.
The stochastic RSI is reaching supply levels after reversing from the midline. The %K line is near the 77.23 point, but the %D line is behind it. The current value of the stochastic RSI is 77.23 points.
Conclusion
Analysis shows that ADA price is currently trading near the 100 EMA after rebounding from the trendline. The recent support level for Cardano token is around $0.3400. Key resistance for the token is $0.4500. Meanwhile, ADA’s price currently has resistance at $0.4000.
Technical level –
support – $0.3400
Resistance – $0.4000 and $0.4500
Disclaimer
The views and opinions expressed by the author or persons named in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves the risk of financial loss.
Nancy J. Allen is a cryptocurrency enthusiast and believes that cryptocurrencies encourage people to be their own bank and step away from traditional currency exchange systems. She is also interested in blockchain technology and its capabilities.
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