1 Cardano has shown a spike of +107.63% in derivatives trading volume in the last 24 hours.

2 ADA derivatives data suggest there has been a long liquidation of $511.08K against short liquidation of $163.48K in the last 24 hours.

Cardano was launched by Charles Hoskinson in 2017 as a blockchain platform that supports smart contracts, decentralized apps, and cross-chain compatibility. ADA is the native cryptocurrency of Cardano, and it can be used to make transactions, stake, and pay fees on the network.

According to CoinMarketCap the current market cap for ADA is $10.9B resulting in a fully diluted market cap of $14.1B. Moreover, the Volume/MarketCap ratio for the same is 1.74% with a circulating supply of 35,007,296,809 ADA.

As per the price analysis, the price of ADA is declining from higher levels and is currently making lower low swings after hitting resistance on the higher level.

Cardano Price Technical Analysis in Daily Time Frame

ADAUSD by Virtual_devil_r on TradingView.com

Cardano’s price has declined more than -40.9% in the last year. The price has almost dropped to its lowest limit and is acting stable at current levels. This often shows that ADA crypto has more free space on the upper side of the market as for the lower levels the volumes are drying.

EMA analysis of the ADA price shows the price is trading below the crucial Exponential Moving Averages like the 20,50 and 200 EMA. This indicates bearishness in the market and if the market slides below 0.3005 then we can get to see new lower levels in the market.

The price of Cardano is showing strength in the market as it is sustaining above the 50 levels and has also crossed the 14-day SMA low from the downside.

Cardano Whales Holding Analysis

Source: CoinMarketCap

The Whales holding in Cardano is 6.3167% and the rest 93.6832999999% is held by the others.

Conclusion

Cardano’s price has declined sharply from the top and recently broke out above the triangle pattern. It is currently sustaining above the same level, but the EMA’s are acting negatively. However, the RSI is supporting a bullish move.

Therefore, ADA looks strong on the charts and if it manages to break above the level of 0.3596, then we can expect a new upward move in the market, leading to a target of 0.4540.

Technical Levels: 

• The support levels are $0.2572 and $0.3023
• The resistance level are $0.3790 and 0.4595

Disclaimer

The evaluation provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions