Cardano (ADA) Is Poised To Test The 11 Cents Mark In The Short-Term

The value of Cardano (ADA) recently found support over the 10 cents level and corrected higher against the U.S dollar. The value of the digital currency is slowly and steadily moving higher against Bitcoin (BTC) and the U.S dollar, even though it is currently in the red. However, if the coin continues its upward trend, it could surge over the $0.1050 mark and move towards the 11 cents level in the short-term.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.042095
3.02%

At the time of writing, Cardano (ADA) is trading at 10 cents after a decrease of about 7 percent over the past twenty-four hours. The current market cap of the digital currency is $2.48 billion and its trading volume over the past twenty-four hours is $48.36 million.

Cardano (ADA) Price Analysis And Trend

There was a significant downward correction in the value of Cardano (ADA) against the U.S dollar and Bitcoin (BTC). The digital currency plunged lower and broke the support at the $0.1050 mark. Nevertheless, buyers showed up close to the $0.1010 mark and the 100-hourly simple moving average.

As a result of this, the value of the digital currency began a fresh upside movement and surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $0.1104 to the low of $0.1099. The value of the coin even surged over the $0.1050 mark with bullish moves.

Nevertheless, it was capped on the upside at the $0.1070 level. It is the 61.8 percent Fibonacci retracement level of the previous swing from the high of $1104 to the low of $0.1099. Also, there is a formation of a connecting hurdle trendline with present resistance at the $0.1080 mark on the 1-hour chart of the digital currency.

On the downside, the digital currency is testing the 100-hour simple moving average. Cardano (ADA) needs enough momentum to surge over its immediate resistance in order to pave the way for more gains towards the 11 cents mark.

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