Cardano market update: ADA/USD bulls outperform themselves
|- The 4-hour chart shows Cardano still bullish while battling the resistance at $0.058.
- Both the 50 SMA 4-hour and the 100 SMA 4-hour are playing catch up.
ADA/USD has outperformed major cryptocurrencies in the market to record gains above a key resistance zone. The uptrend has lasted for at least seven days now however, the ballistic rise in the last 24-hours has placed it in a significant upward momentum. The price has even zoomed past the critical weekly resistance level.
Data published by CoinMarketCap shows Cardano rising 4% in the last 24-hours and at least 19% over the last seven days. Last week, ADA/USD zoomed above the critical resistance at $0.5 but could not sustain further upward momentum pushing the price back down.
Despite the slide, Cardano maintained position within confines of the ascending channel. The channel support acting as a bouncing wall saw the price resume the uptrend mainly supported by the news of Cardano 1.5 going live on the mainnet.
Read more on the update here.
The bulls have since been in control of the price that has spiked above the channel resistance to trade at $0.057. The 4-hour chart shows Cardano still bullish while battling the resistance at $0.058. The stochastic oscillator is almost crossing into the oversold, which means the trend is still favoring the buyers. Both the 50 SMA 4-hour and the 100 SMA 4-hour are playing catch up, although they will work as support lines in the event of a trend reversal. The former resistance at $0.05 has now been turned into a support but the primary support rests at $0.04.
ADA/USD 4-hour chart
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