Loading

wait a moment

Cardano Price Action – Can ADA Remain a Cryptocurrency Unicorn?

bitcoin social trading

Cardano Daily Chart – Source: Tradingview.com

The current market valuation of Cardano is $1,009,000,000 based on data from Messari.

Only a small number of cryptocurrencies remain cryptocurrency unicorns with valuations above $1 billion.

Cardano had recently fallen out of this category as well as falling out of the top ten cryptocurrencies by market cap list.

However, the price increase over the past 24 hours has resulted in Cardano once again becoming a cryptocurrency unicorn.

Price had met support several times at a key Fibonacci retracement level.

If Fibonacci retracement levels are drawn between the December low and the January high in price, we can see price testing the 0.618 retracement level several times this week before spiking today.

A price spike in top cryptocurrency Litecoin may have catalyzed the increase as it has led market rises before.

The price of Cardano is now approaching the 50% retracement level and may meet some resistance at this point.

Cardano 8-Hour Chart – Source: Tradingview.com

A bullish diverge between price and RSI on the 8-hour also preceded today’s price increase.

A bullish divergence is a trend reversal pattern that takes place when price forms lower lows despite the RSI forming higher lows.

It shows price continuing to decrease even though selling pressure is falling.

Key Takeaways:

  • Cardano is once again a cryptocurrency unicorn after today’s increase in price.
  • Cardano met support at the 0.618 Fibonacci retracement level several times during the week before today’s increase.
  • Bullish divergence between price and RSI on the 8-hour preceded the price increase.

Latest Cardano News:

  • Emurgo Releases the Yoroi Light Wallet for Cardano Presentation

  • Cardano Co-Founder Charles Hoskinson Joins Predictive Analytics Firm Endor as Senior Advisor

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Cardano Price Action – Can ADA Remain a Cryptocurrency Unicorn? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.