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Cardano [ADA/USD] Price Analysis: ADA prices pump after Cardano 1.5 update

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Cardano [ADA/USD] Price Analysis: ADA prices pump after the Cardano 1.5 update realse
Source: Pixabay


The price of Cardano saw massive gains in the last hour, with the price pumping by approximately 15% in the last 17 hours. ADA pumped after Cardano Foundation announced the release of Cardano 1.5.

A Twitter user @AlexHPutra tweeted the upcoming updates for Cardano,

“Cardano as the 3rd generation blockchain, is moving toward the most anticipated Shelley phase (Decentralization & Staking).
1. Shelley on Testnet (31 March or earlier).
2. IOHK Summit in Miami – New Cardano Roadmap (17-18 April)
3. Shelley on Mainnet (20 April or earlier).”

At press time, the price of ADA was $0.0570, while the market cap for the coin stood at $1.46 billion. Cardano was the eleventh largest cryptocurrency in terms of market cap. The 24-hour trading volume of Cardano was hanging at $102 million, while most of the volume was contributed by ZBG exchange via the ADA/USDT pair.

1 Hour

Source: TradingView

The one-hour chart for Cardano showed an uptrend that extended from $0.040 to $0.054. The price bounced off the support at $0.050, and breached the resistance at $0.054. The coin was soaring higher, at press time.

The Parabolic SAR markers spawned below the price candles on 22 March, 2019, at 02:00 UTC, indicating a reversal of the prices to the upside.

The MACD indicator showed a bullish crossover of the MACD and the signal line. The histogram showed green bars forming above the zero-line.

The Awesome Oscillator showed green spikes above the zero-line, indicating rising upward momentum.

1 Day

Source: TradingView

The one-day chart showed a strong downtrend for ADA that extended from $0.1072 to $0.057, with an uptrend yet to be formed. The price breached its immediate resistance at $0.05708, after the pump.

The Bollinger Bands showed an expansion as the bands diverged from each other. The prices were above the SMA, indicating a bullish presence for ADA.

The Stochastic indicator showed that it had hit an oversold zone as the signal line and the Stochastic line were in a bullish crossover.

The Chaikin Money Flow indicator showed a large influx of money into the ADA market, as the CMF over +0.2.

Conclusion

Both the one-hour and one-day chart pictured bullish momentum for ADA, a projection evidenced by indicators such as the SAR, MACD, AO, Bollinger Bands, Stochastic, and Chaikin Money Flow.





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