On March 1, 2019, Cardano (ADA) opened at $0.043
An upward move was initiated on Mar 9. It accelerated on Mar 22. A high for the month was reached on Mar 29 when ADA hit $0.0748.
A slight price drop commenced. On Mar 31, Cardano closed at $0.071.
Cardano’s price rose approximately 65% from the beginning to the end of March.
Comparatively, Litercoin grew by almost 32% while Stellar lumens saw price gains of around 27.5%.
Other cryptocurrencies performed less well. Bitcoin saw gains of only around 8% while Ethereum rose by under 4%. XRP was an apparent loser with drops of approximately 1.875%.
Daily prices for Cardano throughout March can be seen below. A clear upward trend is observable:
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.
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
In the following sections, we analyze each of these movements more deeply.
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.