Cardano Price Analysis: ADA/USD rivals Bitcoin in recovery as $0.05 draws near

Cardano is arguably one of the best performing cryptocurrencies in the market this April. Other digital assets leading in the recovery from the lows traded in March include Bitcoin (BTC) following Monday’s brief rally to $7,000, Stellar (XLM), and Tezos (XTZ).

Following the release of Cardano’s new blockchain protocol, Shelly, investor interest has remained at the roof. Some experts say that Cardano is the most advanced crypto in terms of development and the project has immense potential in the future. The founder of Cardano, Charles Hoskinson claimed last week that Cardano has the most quality code in the industry.

Cardano price technical picture

At the time of writing, Cardano is trading at $0.0466. In the last 24 hours, the cryptoasset has advanced upwards by over 10%. The daily chart shows the price dancing above the moving averages whereby the 200 SMA and the 50 SMA have been turned into functioning support areas at $0.0411 and $0.0331 respectively.

Technically, Cardano is in the hands of the buyers. Various technical indicators including the moving averages have aligned for a continued recovery movement currently targeting $0.05. The RSI has entered the overbought region, besides it is still pointing north. Moreover, the MACD is moving higher within the positive region. Apart from the moving averages, more support is anticipated at $0.04, $0.0350, and $0.03.

ADA/USD daily chart