Analysis

Cardano [ADA] breaches $0.0428 key resistance, approaches overbought territory

Cardano [ADA]

The cryptocurrency market has been on a roll in the past 24 hrs and it has provided some exciting times for traders across the globe. The crypto market has gained nearly $11 billion in the past 24 hrs and at the time of print, the total market cap of the crypto industry stands at $133 billion which is well above the $130 billion mark and bodes well for the future. Bitcoin is also making its way up towards the $4000 mark and is currently trading at $3,927.52, up by 5.09 percent. EOS is leading the surge with all the coins registering moderate to significant gains, which is in complete contrast to the mood last week. Cardano [ADA], the 12th largest cryptocurrency in terms of market cap is up by 9 percent and is trading at $0.046570 with a trading volume of $39,714,285 in the past 24 hrs.

ADA/USD

At the time of print, Cardano has found support at $0.0400 and is trading well above it. The coin continues to be range-bound in the long term outlook and is in a consolidation phase and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range. The key resistance level for the coin stands at $0.0428. The hourly RSI indicator of the coin stands at 69.3395 and is about to enter the overbought territory. A closer look at the MACD shows that the coin is in the bullish zone and the 100 EMA line shows an uptrend.

ADA/BTC

At the time of print, Cardano is up by 3.72 percent and one ADA is equivalent to 0.00001186 BTC               .

Latest Updates

  • Cardano’s Shelley phase is in the pipeline and all set for launch in Q1 2019. The Cardano community is eagerly waiting for the Shelley phase which will make the Cardano blockchain fully decentralized. The blockchain is currently in the Byron phase and the Shelley phase will mark the release of Cardano 1.5.
  • In an interesting development in January, Cardano recorded the most Github activity happening in crypto repositories in 2018. The blockchain registered over 45,000 commits last year and became the most actively developed cryptocurrency in the cryptoverse.

See Also: Cardano’s Shelley release in the pipeline for Q1 2019

Cardano [ADA] ranks first among cryptocurrencies in Github activity 

Image via Shutterstock

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