The price of Cardano (ADA) has seen remarkable gains on the first day of the trading week. ADA extends the gains from the previous session and is now approaching 50-DMA. At the time of writing, Cardano is changing hands at $1.18 with a 24-hour trading volume of $1,944,740,118. With current gains, ADA was at 6 with the latest market cap of $39,707,163,994 according to the CoinmarketCap.

Cardano price started the new trading week at a higher level. Expect more upside potential above the 50 DMA at $1.23. Investors are piling up near the $1.50 demand zone.

Cardano wallets hit a 3 million milestone

According to Finbold, the total number of ADA portfolios reached the 3 million milestone on Feb. 3, and there is no sign of slowing down. It’s worth noting that Cardano wallets are up 13.08% since the beginning of 2022.

Source: Trade View

Currently, ADA is trading just below 50 DMA which is placed at $1.23. An acceptance above the stated level could prompt investors to climb towards the horizontal resistance level of $1.40.

The momentum oscillator Daily Relative Strength Index (RSI) is supporting current price action and has crossed the 50 mark.

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

After closing at $1.40, investors could ask for the January high of $1.21 in the near term.

Alternatively, a decisive close below Sunday’s low of $1.09 could pull the price back toward consolidation. More liquidation could happen if ADA breaches were low on Jan. 22 at $0.92.


The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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