Cardano was one of many few main cryptocurrencies which had been persevering with the bullish momentum within the first half of Could, along with Ethereum and LITECOIN , whereas the remainder of the market, together with Bitcoin was stagnating.
In actual fact, Cardano doubled in worth in the course of the first two weeks of Could, growing from round $1.26 to $2.46. However the crash got here and ADA/USD tumbled decrease. The worth pierced the 100 SMA (inexperienced), however it pulled again up, so the 100 SMA stays as a help indicator.
This transferring common has been performing as the final word help since late April and continues to take action, regardless of being pierced many occasions. Proper now, the worth is buying and selling simply above this transferring common, after coming down from the 50 SMA (yellow) on the every day chart. The 100 SMA appears to be holding once more, so we determined to open a purchase sign in Cardano, so we’re lengthy on this cryptocurrency as effectively now.