- The price of ADA currently stands at $0.4985 after a 1.54% increase.
- There are bullish signs present on both ADA’s daily chart and weekly chart.
- Cardano’s intrinsic value is not fairly represented by the current price of ADA.
The 8th biggest cryptocurrency by market cap, Cardano (ADA), has seen its price rise slightly over the last 24 hours according to the crypto market tracker CoinMarketCap.
The price of ADA currently stands at $0.4985 after a 1.54% increase over the past 24 hours and a 12.64% increase within the last 7 days.
Daily chart for ADA/USDT (Source:CoinMarketCap)
Looking at the daily chart for ADA/USDT, the price movement of ADA has been relatively flat over the past couple of weeks. However, there are bullish signs that suggest that ADA’s price will slowly start to pick up.
The first bullish sign is the 9 EMA crossing above the 20 EMA recently on the daily chart. The other bullish flag is the MACD line crossing above the MACD signal line, as well as the MACD histogram’s slope being positive.
The weekly chart for ADA/USDT (Source: CoinMarketCap)
The weekly chart for ADA is showing 2 significant bullish flags that investors should take note of. The first positive flag is the MACD crossing above the MACD signal line. Still, on the MACD, the histogram gradient has also sloped positively, which is another good sign when looking at the MACD indicator.
The second major positive flag is the Relative Strength Index (RSI) crossing above the RSI SMA line. Furthermore, the RSI is in oversold territory, and is nearest to the low it set in this bear market.
As things stand, ADA could be a good buy opportunity for savvy investors given its medium- to long-term prospects. With all of the development that the Cardano team has done in this bear market and the traction that the Cardano network has gained, the intrinsic value of ADA is not fairly represented by its current price.
The bullish flags present on ADA’s weekly and daily charts may be a very early sign of things to come. This is further justified by the upcoming Vasil Hard Fork event.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.