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Cardano Price Analysis: Big spike in buying volume as ADA consolidates above 0.050

  • Cardano is trading over 3% higher on Wednesday and is one of the star performers in the crypto market.
  • There has been a bullish cross on the moving averages as the price pushes above 0.050.00
Cardano Price Analysis: Big spike in buying volume as ADA consolidates above 0.050
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ADA/USD 1-hour chart

Cardano has been looking bullish in recent sessions and on Wednesday pushed over 3% higher. The price has now moved over the 50.00 level had and could test the 0.05368 zone. The price is also trading above the 55 and 200 moving averages. Also, the moving averages have had a bullish cross too.

The interesting note is the rise in buying volume. The price has moved higher off the back of good support from the market. The relative strength index is also in a positive zone and has some more room to move up. 

ADA Cardano shooting higher

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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