Cardano is currently trading at $2.24 after a stunning 17.63% bounce from its weekly low of $1.91.
The polarizing cryptocurrency, the third largest in terms of market cap, recently launched its highly anticipated smart contracts platform paving the way for DeFi development.
However, positive sentiment surrounding the upgrade quickly faded as traders took advantage of the “buy the rumor, sell the news” thesis, with the price subsequently falling more than 30%.
This usually happens at most major news events as the hype builds into the event before deleveraging penalizes those who bought at the top. A prime example of this was when Coinbase went live on Nasdaq on the day of Bitcoin’s all-time high of $65,000.
In Cardano’s case, while this week’s recovery has shown signs of strength, from a technical perspective it is left with a number of roadblocks.
The daily 50 exponential moving average became a major crutch since it surged above it on August 1. In the most recent sell-off, Cardano sank below that key moving average, and it has now started to act as a bitter level of support.
If ADA can close a daily candle above the 50EMA at $2.28, it will likely float back to the top of the range around $2.65.
A rejection of this level would indicate a clear downtrend with bearish price targets beginning to crop up as low as $1.55 and $1.39.
Current live ADA pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Cardano price. Prices are also available in different currency equivalents:
U.S. dollar – ADAtoUSD
British Pound Sterling – ADAtoGBP
Japanese Yen – ADAtoJPY
Australian dollar – ADAtoAUD
Russian ruble – ADatorUB
Cardano claims to have attempted to change the way cryptocurrencies are designed and developed, balancing the best of the functionality of several cryptocurrencies in one coin. The project began in 2015, the work of a global team of scientists and academics. ADA was released in September 2017.
Cardano is one of the largest cryptocurrencies and is one of The top 10 cryptocurrencies by market capitalization.
More Cardano news & information
Would you like more information about Cardano or? cryptocurrencies in general, please use the search box at the top of this page. Here’s the latest Cardano article to get you started:
Through Paul Hindle – September 23, 2021
As with any investment, it pays to do some homework before parting with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page does not recommend any particular currencies whether you should invest or not.