Cardano (ADA) news

Cardano’s Increased Use Cases Have Led to Price & Demand Escalation

EMURGO— the official commercial arm of Cardano integrates with, which helps tourists and travelers to get easy accommodations and allows payments with 28 cryptos and credit cards. The two have come together to benefit crypto investors and HODLers. As the world opens gradually, traveling is also elevated, and the partnership of the two will lead to secure booking of hotels and travel accommodations using Cardano as a mode of Payment.

This has led to increasing the use case of ADA, leading to a spike in the price of Cardano due to increased demand. This way, the network is believed to be more secure and decentralized as it becomes recognizable and usable by new and potential investors.

This has eventually led to the success of the network, and even more adoption of Cardano is likely to lead to better network response and big profits to the stakeholders. Moreover, the intraday rise in the price of ADA has led to bullish crossovers of the technical indicators.

Cardano Price Analysis

Cardano News
ADA/USD Chart By TradingView

On the 4-hourly chart, Cardano price is trading at $0.0935 at the press time and has retested yearly resistance at $0.0974 in the intraday, today. With an amazing blow of momentum, the coin has gained over 15% value in less than 24 hours, and with a slight intraday pullback from the recent high, it is still notably above 61.80% Fib Retracement level. ADA is retaining complete support from 50-day and 200-day MA with a blow of volatility on the 4-hourly chart as the 20-day Bollinger Bands widen. Moreover, over the past two weeks, Cardano was maintaining a strong position above 38.20% Fib yet held a flat momentum.

The technicals are bullish than ever as the MACD of ADA is holding a complete bullish crossover and the RSI is well above the overbought region at 71.02 due to increased price and demand.

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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button