Is Cardano (ADA) Price Advancing Toward $1.40!

By Rekha chauhan
February 8, 2022 Updated February 8, 2022
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Cardano (ADA) Whales Ownership Rises Record Levels, 'Buy The Dip' Opportunity?

Cardano’s (ADA) price has shown remarkable gains on the first day of the trading week. ADA extends the previous session’s gains and is now approaching toward the 50-DMA. As of press time, Cardano is changing hands at $1.18 with a 24-hour trading volume of $1,944,740,118. With the current gains, ADA ranked at 6 with the latest market cap of $39,707,163,994 as per the CoinmarketCap.

  • Cardano price started the fresh trading week on a higher spirit.
  • Expect more upside above 50 DMA at $1.23.
  • Investors accumulating near the demand zone of $1.50.

Cardano wallets achieved a 3 million milestone

As per Finbold, the total number of ADA wallets met the 3 million milestone achievement on February 3, and there is no sign of slowing down. It should be worth mentioning that Cardano wallets have climbed by 13.08% since the starting of 2022.

Source: Trading view

Currently, ADA is trading just below the 50-DMA placed at $1.23. An acceptance above the mentioned level could prompt investors to climb toward the $1.40 horizontal resistance level.

Supporting the current price action, the momentum oscillator Daily Relative Strength Index (RSI) has breached the 50 mark.

More importantly, the RSI has shown positive divergence on the daily chart. The combined power of bullish reading and positive divergence could lead the gains in ADA.

After taking out $1.40 investors could ask for January’s high of $1.21 in the short term.

Alternatively, a decisive close below Sunday’s low of $1.09 the price could retreat toward the consolidation range. More liquidation could happen if ADA breaches low made on January 22 at $0.92.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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