Cardano receives a weak long-term technical score of 22 from InvestorsObserver‘s research based on historical trading patterns. The proprietary scoring system weighs price movement from recent months to a year, analyzes the coin’s support and resistance levels, and where it is relative to long-term averages to determine whether it’s a strong buy-and-hold investment opportunity.
ADA currently holds a superior long-term technical analysis score than 22% of cryptos in circulation. This ranking metric is most useful to buy-and-hold type investors looking for strong steady growth when allocating their assets. coins with a high long and short-term technical score can help indicate assets that have bottomed out, providing investors a chance to ‘buy the dip’.
Trading Analysis
Cardano’s price is -$0.2100000 (-21.06%) below its 100-day moving average price of $0.990000000 as its price at the moment sits at $0.780000000. Additionally, ADA is $0.0400000 (-1376.45%) higher than its 52-week low price of $0.740000000 while -$2.32000000 (-297.44%) under its 52-week high of $3.100000000. The current trading price in relation to its long-term average along with its 52-week high and low, gives ADA an average long-term technical score of 22. Long-term trading movement of Cardano suggest that investors are bearish on the coin at the moment.
Cardano has a total market value of $26,387,815,750.29 with an high average daily volume of $6,505,708,047.16 worth of the currency exchanged over a typical 24 hour period. As of the past 24 hours, ADA’s volume is below its average with $1,081,322,633.93 exchanged in total.
This coin’s subclass Distributed Software Platform: A platform is a decentralized infrastructure designed for a purpose. These can take the form of exchanges for the trading of cryptocurrencies, decentralized data storage, artificial intelligence, virtual or augmented reality, distributed computing and big data collection, among other things.
Summary
ADA’s historical trading over the past year gives it a a weak long-term technical score of 22 as its price movement in that time has given investors reason to be bearish on the coin in the long-term.
Click Here to get the full Report on Cardano (ADA).
Stay In The Know
Subscribe to our daily morning update newsletter and never miss out on the need-to-know market news, movements, and more.
Thank you for signing up! You’re all set to receive the Morning Update newsletter
This news is republished from another source. You can check the original article here