. Cardano Surges 10%: News & Technical Analysis

Cardano Surges 10%: News & Technical Analysis

Cardano Surges 10%: News & Technical Analysis

09 Feb 2024

Cardano ascends by 10% as investors express growing confidence.

FUNDAMENTAL OVERVIEW:

By Thursday {03:05 (08:05 GMT), Cardano was at $0.5321, marking a 10.21% surge for the day on the Investing.com Index—the most significant single-day percentage gain since January 10.

The upward movement elevated Cardano’s market capitalization to $18.5367 billion, constituting 1.09% of the overall cryptocurrency market capitalization. At its peak, Cardano’s market cap reached $94.8001 billion.

Cardano’s price fluctuated from $0.5022 to $0.5347 over the preceding twenty-four hours.

In the last week, Cardano has witnessed a 6.44% increase in value. The trading volume for Cardano in the twenty-four hours leading up to the present moment was $550.4596 million, constituting 1.00% of the overall cryptocurrency volume. Over the past seven days, it has traded within the range of $0.4741 to $0.5347.

At its present value, Cardano remains 82.83% below its peak of $3.10 reached on September 2, 2021.

CARDANO TECHNICAL ANALYSIS DAILY CHART:

Technical Overview:

Cardano is trading within an up channel.

Cardano is positioned above all the Moving Averages (SMA).

The Relative Strength Index (RSI) is in the Buying zone, while the Stochastic oscillator suggests a Positive trend.

Immediate Resistance level: 0.52

Immediate support level: 0.48

HOW TO TRADE CARDANO

After experiencing an upward movement, Cardano’s price underwent a correction but is now attempting another upward push. It is finding support from a previous support zone and has surpassed a significant resistance zone, suggesting a potential opportunity for long positions on any subsequent pullback.

TRADE SUGGESTION- LIMIT BUY– 0.51, TAKE PROFIT AT- 0.58, SL AT- 0.47.