Cardano (ADA) Appears Flattish on the Daily Chart
Cardano will turn better than the Ethereum version of 2.0—says Cardano founder and IOHK CEO Charles Hoskinson. Cardano has all the qualities that Ethereum 2.0 will hold and is even designed to offer features beyond those stated.
Moreover, CEO Charles is ready to take up the updates on the Shelly (which happens to be one of the five eras Cardano’s development) in the last week of May 2020. Despite, Shelly encouraged the progress of Testnet, which had over 20 stake pool workers, but the convivence of the network still needs to be worked on.
Just as the king of cryptocurrencies—Bitcoin is making its debut in the major stock investors portfolio like a trailblazer, the altcoins and the relayed foundations are making all the efforts to make it worth and promote blockchain in every sector.
The YTD price movement of Cardano against the US Dollar until the press time is as follows:
The daily price movement of ADA coin against the greenback appears directionless, which most of the altcoins presently are. After a swing high from the YTD bottom at $0.0169 during the March crash, Cardano has managed gain strength and is currently trading around $0.0537, at the press time.
Moreover, if we rightly see the march crash of ADA/USD, we can notice the “death crossover” when the 50-day MA crossed above 200-day MA; however, when the inverse happened, the coin marked a great rebound.
Since the price is seen accumulating from the beginning of May, the MACD has turned bearish yet flat as we see a slight bearish crossover, and the signal line crosses above the MACD line. The RSI of Cardano is still hitting the overbought region due to intermittent candlewick spikes and not showing any downturn extremities. With the trend revision going on, the major support lies at $0.041, and the major resistance lies at $0.0570. After a persistent trade above then gives resistance, the ADA coin is likely to draw a bullish divergence on the daily chart.