Cardano Regains Bullish Momentum: Key Support at $1.3010
- The value of Cardano has plummeted from 1.3906 to 1.3017 level. ADA/USD is currently trading at the $1.3017.
- The market continued to follow in the footsteps of BTC and ETH, which were declining on Wednesday.
- A prediction by Arcade Research added a negative impression on Cardano’s token ADA and dragged its prices to the downside.
This prediction by Arcade Research added a negative impression on Cardano’s token ADA and dragged its prices to the downside.
However, the losses were capped by the latest comments from Cardano’s CEO, Charles Hoskinson. The CEO talked about the potential of DeFi and Cardano’s small role within the industry. According to Hoskinson, there was a need for collaboration and friendliness within the DeFi industry. He further said that the only thing holding us back was us.
Meanwhile, the market continued to follow in the footsteps of BTC and ETH, which were declining on Wednesday. The two leading cryptos have been falling for many days amid the prevailing selling pressure and turned the whole market mood to the downside, which the ADA also followed.
Daily Technical Levels
1.2937 1.4040
1.2552 1.4758
1.1834 1.5143
Pivot Point: 1.3655
Cardano (ADA/USD) Technical Outlook: 50 EMA to Extend Resistance
The value of Cardano has plummeted from 1.3906 to 1.3017 level. ADA/USD is currently trading at the $1.3017 level and has formed a bullish engulfing candle supporting chances of an uptrend.
On the bullish side, the resistance stays at 1.3906, and a break above this exposes Cardano towards the 1.4906 level. Alternatively, the support stays at 1.3017 and 1.1976. Chances of uptrend remain strong above 1.3017. Good luck!
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