Cardano, as strengthening crypto, is often compared to the largest altcoin by market capitalization, Ethereum, and today, Cardano is what Ethereum planned. It was in the previous year when the Shelly and ETH 2.0 were planned to bring into action. However, due to the unavoidable postponement of ETH 2.0, Cardano’s Shelly took off and settled in the market-leading the native crypto, ADA, to breach over 2-year resistance.
Cardano, the third generation crypto that has splurged in the global crypto market and the team behind, aims to eliminate all the limitation that the 1st and 2nd generation crypto viz., Bitcoin and Ethereum possessed. Cardano has definitely remastered the way for crypto networkers to invest and believe in the credibility of investment and its returns.
The time of penning down this analysis, ADA coin was seen trading at $0.1661 after hitting a YTD high at $0.193, with a candlewick high hit in the last week of the previous month. Alongside, it was since the midweek of the last month when ADA/USD is seen trading above 61.80% fib level. Also, Cardano price is retaining support from 50-day and 200-day daily MA at $0.1315 and $0.113, respectively.
With a bullish daily candlewick, the ADA price trend is seen breaching the upper band on the daily chart. Additionally, ADA has strengthened notably from the YTD low of $0.0168 to hitting a YTD high at $0.193, spiked by over 1000% from the last month of the 1st quarter to the previous month of the previous quarter.
Alongside, on the daily chart, Cardano is seen trading majorly below 38.20% and 61.80% Fib Retracement level.
On the 3-hourly chart, ADA/USD is seen drawing an uptrend straight after the 1st week of the ongoing month the coin is continuing to trade above $0.15 at $0.166. However, with intermittent dips in the intraday, a subtle bearish crossover prevails on the MACD chart, while the RSI of the coin lies at 58.01.