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Cardano Technical Analysis: ADA/USD is holding surprisingly well after the recent market flash crash

  • Cardano bulls have bought the dip created yesterday and are eying up to $0.0873 again.
  • The $0.0725 support level was defended on Tuesday after the entire crypto market crashed.
  • The daily chart of ADA/USD is still in a strong uptrend.
Cardano Technical Analysis: ADA/USD is holding surprisingly well after the recent market flash crash
FXStreet TeamFXStreet TeamFXStreet

Cardano has been enjoying a strong daily uptrend for the past three months and continues to outperform a lot of the top cryptocurrencies. ADA/USD is trading at $0.0814 at the time of writing after defending a critical support level on Tuesday.

Not much has changed for Cardano in the short term as buyers continue to enjoy a significant surge in trading volume. Just weeks ago, Cardano was barely getting $150 million per 24 hours, a small figure compared to the $550 million average traded now.

ADA/USD daily chart

ADAUSD

Cardano is seeing a massive surge in its trading volume across all exchanges, a highly positive indicator for the bulls. Additionally, both the MACD and EMAs are bullish indicating that ADA/USD still has more room to grow.

ADA/USD 4-hour chart


ADAUSD

Cardano is inside a 4-hour equilibrium pattern with clear lower highs and higher lows. A break of any of these levels, $0.0725 or $0.0839, will most likely be accompanied by a significant move towards that direction.

 

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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