At BeInCrypto, we offer regular price analyses of ADA and other cryptocurrencies. Today, we are beginning a new series of monthly price analyses for several cryptocurrencies including Cardano.
On March 1, 2019, Cardano (ADA) opened at $0.043
Cardano (ADA): Trends and Highlights For March 2019
- The price of ADA/USD has increased massively in the month of March.
- Cardano’s price increased steadily at both gradual and rapid rates.
- ADA broke down from an ascending wedge on Mar 22.
- An upward move took Cardano to a high of $0.0748 on Mar 29.
Important Movements
We begin our analysis by tracing three important movements for Cardano during March. To this, we use the one-day prices of ADA on Binance from Mar 1 to Mar 31. These movements are highlighted in the graph below: The three movements highlighted on the graph are:- Mar 9-15: An upward move which took the price above $0.05
- Mar 16-21: A flash crash back to $0.05
- Mar 25-31: An upward movment toward a monthly high
Mar 9-15: Beginning Of The Upward Move
On Mar 9, the price reached a low of $0.0447. Since then, it has increased gradually, creating higher lows in the process. Tracing these lows gives us an ascending support line: In our Mar 11 analysis of Cardano, we analyzed this support and successfully predicted the rapid increase seen on Mar 14. The accelerated increases led Cardano to a major milestone on Mar 15 when the price rose above $0.05.Mar 16-21: Wedge Breakdown
The rapid price increases continued into Mar 16 when a high of $0.0535 was reached. At this peak, a gradual decrease brought Cardano back to a daily low $0.05 on Mar 19. A reversal followed that day when Cardano reached a new high of $0.054. Price continued to increase within an ascending wedge until Mar 21. On this day, the price dropped below the support. A rapid drop brought ADA back to $0.05.Mar 25-31: Toward a Monthly High
After the breakdown, price temporarily fell before ADA rose to highs over $0.065 on Mar 23 and 24. Price subsequently fell to below $0.058 on Mar 25. This marks the beginning of an upward trend that brought ADA to its monthly high of $0.0745. This trend is traced by a support line in the graph below: In our Mar 28 analysis, we warned that it is possible that the price will soon reach a top, and that price decreases are likely to occur in the near future. The price broke down from the support line on Mar 30 and could signify that our prediction is soon to be validated.Summary of Analysis
In the month of March, the price of ADA enjoyed massive increases. The increase intensified in the middle of March and the price has not looked back since. Do you think that ADA will break $0.10 in April or is a drop coming soon? Let us know your thoughts in the comments below! Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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