Cardano (ADA) July 5, 2021
The Cryptonomy team takes a look at the chart of a very promising cryptocurrency: CARDANO (ticker: ADA)
Cardano (ADA) today
€0.1487
−3.6% in 24h
Price and chart
CARDANO has been on a particularly strong run since the market lows of June 22, and its uptrend shows no sign of stalling.
On the daily price chart, the 20-day moving average (yellow line) is starting to slope upward, and price is currently “closing” above the 50-day (red line). Both of these developments are worth watching.
Our team spotted them under the microscope and is sharing them with you. These signals support the bullish scenario and a reversal of the medium-term trend to the upside. As we have been following CARDANO closely, we have noticed strong buying interest from big players, who quite literally swept up the supply on the price dips of the last 2 weeks. That is another positive sign, meaning the investor community believes in this cryptocurrency and the technology behind it.
We have one last observation to add to the analysis: CARDANO looks better than the rest of the market on average.
Where do we expect CARDANO’s price to go?
We believe the first target is the $1.62 area. There, price will likely pull back to lower levels so the next bullish wave can build during the summer. We show one possible path on the chart with the dashed white line.