Cardano is on a crossroads between the bears and the bulls. The cryptocurrency is trading in range long-term. The bulls were able to put pressure on the market and took the price up to $0.18103 which was above the two EMAs and in the supply area. A bearish doji was formed and the markets was pushed in favor of the bulls. The price subsequently went down to $0.1574 which was in the demand area and below the two EMAs. This $0.1574 level became a strong support level that rejected further downward moves. The bulls were later able to develop an engulfing candle that pushed the price back to $0.1785 in the supply area.
Cardano (ADA) Price Analysis
Cardano is trading in consolidation between $0.1804 which is in the supply area and $0.1582 which is in the demand area. The $0.1804 is at the upper range and the $0.1582 is in the lower range. Wait till there is a breakdown at a lower range or a breakout at the lower range before you flow into the trend and take any long-term positions. Another good strategy will be taking profits when the price goes up.
The next few sessions of trading will determine whether or not Cardano (ADA) will suffer more bearish pressure or if the bulls will take over.
Cardano Continues To Make Advances
It’s no surprise that the Cardano team has been making serious efforts to promote the platform. The security-oriented platform is trying to become the best platform for distributed applications and smart contracts. This makes Cardano (ADA) a big competition to Ethereum. The team is making plans to tap into limitless scalability and provide the best interledger transactions on a peer-to-peer network.
One of the recent releases by the platform is the e-Wallet called Daedalus which promises to be the best in the market. It allows users to activate DApps on the Cardano blockchain. It promises to be versatile, safe and secure.