Cardano (ADA) Price Analysis – April 4

  • The crypto's price fell to the support of the 12-day EMA  and at a price of $0.87.
  • On the upside, if the 26-day EMA holds, the crypto's price is likely to retest or break the $0.10 resistance level.

Cardano, ADAUSDCardano Chart By TradingView

ADAUSD Medium-term Trend: Bullish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.090, $0.080, $0.070 

On March 9, the price of Cardano commenced a bullish trend. The bulls took the price to a high at $0.1018 but were resisted. The bullish trend line is drawn to determine the continuity of the bullish trend. A bullish trend is ongoing if the trend line is unbroken. However, from the daily chart, a bearish candlestick has broken the trend line.

Technically, to confirm the termination of the bullish trend, another candlestick is needed to close on the opposite of it. If it does, the current trend is assumed to be terminated. The crypto's price is likely to fall. Meanwhile, the crypto's price is trading at $0.87 as at the time of writing. Also, the stochastic is in the overbought region but above the 80% range. This indicates that the price of Cardano is in a strong bullish momentum and a buy signal.                                                                                                                                            

ADAUSD Short-term Trend: Bullish  

Cardano, ADAUSDCardano Chart By TradingView

On the 4-hour chart, the crypto's price is in a bullish trend. The price of Cardano appreciated from the low at $0.070 to a high at $0.10. However, the bulls are facing resistance at the $0.10 price level. The bulls were resisted as the price made a downward correction to the support at the 12-day EMA.

Already the crypto's price is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. On the upside, if the 26-day EMA holds, the crypto's price is likely to retest or break the $0.10 resistance level. On the other hand, if the bears break below the EMAs, the crypto's price will be in a downward trend.

Meanwhile, the stochastic is in the overbought region but below the 80% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.                                                                                                                                                                                                                                                                                                                                                                                                                

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.