Cardano (ADA) is gradually retracing its step back to its previous positions and it is presently trading over the $0.1180 mark against the US dollar. The digital currency has the potential to correct higher against Bitcoin (BTC) and the US dollar, but it needs to surpass the $0.128 mark to get more bullish momentum.
Cardano (ADA) Price Today – ADA / USD
At the moment, Cardano (ADA) – the eighth largest digital currency in the world by market cap, boasts of a market cap of $3.08 billion and a trading volume of $90.96 million over the past twenty-four hours. The digital currency has managed to gather gains of about 0.5 percent over the past twenty-four hours, leaving it to trade at $0.1189.
Cardano (ADA) Price Trend and Analysis
After declining below the 12 cents mark, the value of the coin found a very strong support level against the US dollar. The digital currency even traded as low as 11 cents before it started consolidating higher. It surged higher and broke the resistance levels at $0.114 and $0.1180.
More significantly, there was a break over the 12 cents resistance level. Nevertheless, the digital currency faced a strong resistance at the $0.1270 mark and the 100-hourly simple moving average (SMA). The value of the coin later declined and broke below the 38.2 percent Fibonacci retracement level of the previous swing from the low of 11 cents to the high of $0.1267.
On the downside, there is a very strong support close to the $0.118 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the low of 11 cents to the high of $0.1267. Also, there is a formation of a breakout pattern with support at the $0.119 mark.
This indicates that as long as the value of the coin remains over the $0.1180 mark, it remains supported for more gains to towards the 12 cents level. The next few trading sessions will determine if the price action will change.