Technical Indicator Suggests ADA’s Bullish Momentum Could Continue

Almost all of the top 10 biggest cryptocurrencies are in the red after a successful weekend of trading, and Cardano (ADA) is no exception to this. The Ethereum-killer is currently trading at $0.3465 after a 5.09% drop in price over the last 24 hours. The crypto also reached a high of $0.3685 and a low of $0.3431 over the same time period.

On the other hand, when looking at the longer timeframes for ADA, we see that the altcoin is still in the green by 25.12% over the last week and is up by more than 15% over the last thirty days.

ADA weakened against Bitcoin (BTC) and Ethereum (ETH) by about 4.30% and 3.47% respectively. Also in the red zone is ADA’s 24 hour trading volume which currently stands at $525,146,755 after a more than 16% decline since the day before.

With its market cap of $525,146,755, Cardano (ADA) is currently the 8th biggest crypto in the market. This places it right behind Binance USD (BUSD) which is ranked 7th on the list of biggest cryptos.

Cardano / Tether US 1D (Source: CoinMarketCap)

The daily chart for ADA indicates that the Ethereum-killer’s 9-EMA (Exponential Moving Average) line has crossed bullishly above the 20-EMA line. This could be a sign that the altcoin’s upward move will continue in the coming days.

ADA also recently flipped its $0.3458 resistance into a support. If the altcoin closes today’s trading session below this level, it could invalidate the bullish thesis and ADA’s price may drop down to the 9-EMA level.

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