Cardano (ADA) news

Cardano Experiences the Advantage of its Platform’s Development

ADA Rebounds to Trade Above $0.080 in Intraday

Cardano—a smart contract platform just released its first Daedalus version for its major project, Shelly testnet. However, this is specifically designed and released for early adopters who are stake pool operators for testing the functioning and enhancing with even better features for broader use. The release of this first version is to encourage the features that Shelly, like a smart project, upholds.

Shelly—the roadmap project of Cardano is welcoming new developments to stay true to its major goal of “Building a Better World.” Cryptocurrencies are majorly benefitted due to being decentralized and zero interference from the center. This will unfasten the reach of global markets to small businesses with supportive technology and developments, along with providing financial services to a massive crowd that otherwise are far away from the reach of banks and its benefits.

Cardano has been gaining enough fame due to its recent developments and due to others streamlined, and it is ranked amongst the top 10 coins of the global crypto markets marked by market cap. At the time of penning down this analysis, ADA price was trading at 0.0826 against the US Dollar.

Cardano Price Analysis

ADA News
ADA/USD Chart By TradingView

Cardano, at the onset of the month, was seen breaching yearly high above $0.090 after trading sideways for the entire year. The currency adroitly gained the lost pace after retesting yearly lows in March 2020 and therefore breached 50.0% Fib Retracement level, succeeding a brief price consolidation below $0.0551. Moreover, the ADA coin recorded a steep growth since the 2nd week of the previous month and experienced a dip with a momentary bearish candlewick below 38.20% Fib retracement level. The intraday rebound took the price of Cardano above $0.080 and restored above 38.20% Fib Retracement level.

If we look into emphasized technical indicators laid, we see that the 20-day Bollinger Bands are seen widening, and its projects at short-term volatility. The MACD of ADA coin is holding bullish divergence due to recent rebound, and thereby the coin retains steady support. Confirming the current bullish state, the demand for Cardano is seen elevating as the RSI lies around the overbought region at 68.46.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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