Cardano immune to bearish sentiments, gains 5% in a week
- Cardano is one of the best-performing coins out of top-20.
- Weiss Crypto Ratings' comments have supported the price increase.
Cardano, now the 12th largest digital asset with the current market value of $1.18 billion, has gained over 5% in the recent seven days and become one of the best-performing coins of the week after NEO (+10%) and Chainlink (+7%). At the time of writing, ADA/USD is changing hands at $0.0415, down from Sunday's high of $0,0460. The coin is unchanged since the beginning of the day and 3.5% higher from this time on Sunday.
Notably, Weiss Crypto Ratings recently announced that Cardano was superior to EOS. The statement of the crypto rating agency was greeted by the crypto community and served as an additional bullish trigger for ADA.
Cardano's technical picture
Looking technically, ADA/USD created a double top at $0.0460. The price touched this area on November 6 and November 17 and failed to go any farther. It means the recovery may be limited so far. The nears support is created by SMA100 (Simple Moving Average) daily at $0.0440 followed by a confluence of SMA50 and the lower line of the Bollinger Band on a daily chart at $0.0410. Then comes psychological $0.0400. Once it is out of the way, the recent low of $0.0352 will come into focus.
On the upside, the initial resistance awaits us on approach to the above-said double top of $0.0460. We will need to see a sustainable move above this handle for the upside to gain traction towards psychological $0.0500 and then to September 18 high at $0.0555.
ADA/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
