The post Cardano (ADA) Returns to $1 Despite Hourly Death Cross Signal appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Cardano (ADA) saw a slight recovery in today’s session, returning to $1 after slipping below it in previous sessions. Cardano saw profit-taking after reaching a high of $1.16 on Jan. 17. The fall came to a halt on Jan. 20 after two consecutive days of decline, with the price briefly rising to $1.10. But bears would not give up, resuming the drop and driving ADA to a low of $0.95 in Tuesday’s trading session. The downtrend continued in today’s session, with ADA barely recovering to the daily SMA 50 at $1.01, roughly where it now trades. Cardano was battling to hold the $1 mark at the time of writing, having gained 1.02% in the last 24 hours to $1.00. ADA/USD Hourly Chart, Courtesy: TradingView Cardano’s slight rebound coincides with a bearish “death cross” indicator on the hourly charts. A death cross happens when a short-term moving average crosses below a long-term moving average, indicating potential downward price movement. In the case of Cardano, the 50-hour moving average has crossed below the 200-hour moving average, indicating a “death cross” and raising concerns about its short-term price movement. Related The overall cryptocurrency market has shown subtle signs of recovery, aiding ADA’s rebound. According to Ali, a crypto analyst, Cardano (ADA) network activity continues to show strength, with daily active…