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Cardano (ADA) fighting the bears with multiple support levels

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Cardano (ADA) has been surging. Cardano coin has been on a steep upward trend since the beginning of May – adding to the bullish momentum. The cryptocurrency established a new all-time high at $1.83 a few days ago. At the time of writing, Cardano coin stands at a price level of $1.77. The price of the cryptocurrency has increased by 6% in the past twenty-four hours while the daily trading volume has decreased by 15%. Cardano crypto is ranked sixth in the market with a capitalization of $56 billion.

Cardano (ADA) technical analysis

 

The market sentiment for the cryptocurrency is bullish. Out of the total technical indicators, fifteen stand at a buy position while nine are giving out a neutral signal and only two are standing at a sell position. The oscillators are mainly neutral while the moving averages are bullish.

A trader has identified Cardano crypto in an ascending channel formation. The channel had begun forming since the end of April and Cardano has been operating inside the channel ever since. An ascending support line has also been identified which dissects the channel in half. Cardano coin’s market outlook had turned bearish as the cryptocurrency fell below the support line inside the channel. However, it has ever since established the support level again as it stabilized in the level. Cardano is also facing support at $1.56 and $1.40. Per the trader, the renewed bullish momentum is the market will lead it towards higher highs.

Why is Cardano (ADA) bullish?

The organization behind Cardano, IOHK, is working tirelessly on the real-world uses of the cryptocurrency. Data from Google Trends show that interest in Cardano had begun rising since the end of January and peaked in middle of March. A further break down reveals that country-wise, Australia, Netherlands and Ireland have accounted for most of the interest in the cryptocurrency.

IOHK has also announced a partnership in Africa. IOHK is working with the ministry of education in Ethiopia to roll out a blockchain-based student performance tracking system. The program will initially be launched for 5 million students and 750,000 teachers. This is a hallmark moment for not just Cardano but the cryptocurrency sphere as the project marks the world’s biggest blockchain deployment.

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