ADA Holds The 50-day EMA Support

ADA Holds The 50-day EMA Support

Cardano price has surged 7.1% in the last week to trade at $0.263 on Tuesday. While Bitcoin and Ethereum pulled from their Monday rallies, ADA managed to dodge the bullet, thus upholding support provided by the 50-day Exponential Moving Average (EMA).

On the downside, support at $0.235 kept the downtrend in check for the rest of September. If the immediate buyer congestion at $0.26 (50-day EMA) stands Cardano price could call for more attention from the investors willing to bet on an upward trajectory to $0.5 and eventually $1.

Cardano Tops Crypto Projects With The Highest Developer Activity

According to on-chain analytics platform Santiment, Cardano emerged top among crypto projects with the highest developer activity in September with 572 GitHub commits. Other high-performing projects include Polkadot with 501, Chainlink with 388, and Hedera with 358 while Cosmos came in fifth place with 338. Other projects in the top ten were Aptos, Avalanche, IOTA, Radix, and MultiversX.

Santiment also mentioned ADA among tokens like AAVE and CRV that are likely to benefit from the short-term profit window following Bitcoin’s rebound above $28,000 on Monday. If interest in this token increases, “they could have potential decouples coming.”

Bulls Ready To Nurture Cardano Price New Uptrend

Cardano currently sits between vivid support and resistance areas, with the former provided by the 50-day EMA as earlier established and the latter highlighted by the 100-day EMA (blue) together with the lower ascending trendline.

cardano price prediction chart
ADA/USD daily chart | Tradingview

A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook with a buy signal in addition to holding at the neutral area (0.000).

Traders are at liberty to seek exposure to ADA longs as long as the price stays above the 50-day EMA and the blue MACD line holds above the signal line in red. Such a breakout should be accompanied by a massive spike in the volume needed to deal with the potential resistance at $0.29, coinciding with a multi-month descending trendline, and the 200-day EMA (purple) at $0.309.

Additional resistance at $0.33, the middle and upper trendline as well as $0.5 are expected to hamper the uptrend on the path to $1. Failure to uphold support at $0.26 could complicate the situation for the bulls, resulting in another sweep at the major support – $0.235.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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