As Bitcoin has soared in the past week and has touched the psychological barrier of $55K today, most virtual currencies have risen as well. Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.
Cardano, with a market cap of more than $37,494,584,458, is currently ranked fourth. The altcoin has fallen by 5.45% in the past 7 days. As for NEM, it has become the virtual currency with the largest decline, as high as 22.72% within 7days.
Cardano(ADA) Price Analysis
Source: ADA/USD Daily via TradingView
From the daily candlestick chart of Cardano(ADA), it can be observed that ADA has been on a downtrend since its rise to a new all-time high (ATH) of $1.485 on February 27. At the time of writing, ADA is trading at $1.1621.
Although ADA’s chart indicates a pattern of candlesticks that have all closed above the 20-day Moving Average line for the past…