Cardano market update: ADA/UAD to have four positive weeks in a row

ADA/USD has been a growth leader of the week.
Positive fundamentals support the coin.

Tanya Abrosimova Independent Analyst

Cardano (ADA) is an unchallenged growth leader of the week among top-20 digital assets. The coin has grown gained over 27% in recent seven days and 62% in recent months, This spectacular movement took Cardano to the 10th place in global cryptocurrency rating.

At the time of writing, ADA/USD is changing hands at $0.0694 threatening psychological $0.07.

What’s going on

There has been plenty of Cardano-positive fundamental news this week. Thus, Binance added two ADA trading pairs to the lists of available digital instruments, providing Cardano with additional support.

Later on Cardano team announced the coin’s integration with Ledger Nano S, which is a popular hardware wallet for digital currencies.

Cardano’s technical picture

ADA/USD has been growing strongly since December 15. Now it is poised for finishing four green weeks in a row for the first time since April 2018. Currently, the local support for the coin is created by a psychological $0.6000 with SMA50 (4-hour) located on approach. Once below, the sell-off may be extended towards $0.5000 and SMA200 (4-hour) at $0.0490.

On the upside, a sustainable move above $0.7000 will bring the recent high of $0.7100 back in focus.

Author

Tanya Abrosimova

Independent Analyst

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