Just like Bitcoin, Cardano (ADA) has also seen a dramatic rise in price over the last few days and is currently attempting to retrace towards the 20-day EMA to regain at least $2.00.
After Cardano’s massive drop to $0.25 in December, the cryptocurrency is trying to break out of the $0.20 support level.Summary of the situation
- Cardano dropped to $1.56.
- 1.56 – Cardano’s 50-day SMA and key resistance.
- The next bullish price target is $1.94.
Gimbal price analysis: Price Overview
Cardano is about to break through the average Bollinger Band line at $1.5335 on the hourly chart. This came after the currency was rejected at yesterday’s close at $1.5600 as it attempted to consolidate near the 20-day exponential moving average. The $1.56 level is at the 50-day simple moving average and is the next major hurdle on the 24-hour chart. The overall ADA market is trading on bearish momentum with some signs of weakness around $1.53 and $1.50. However, Cardano’s share price has recovered from a 21% decline after a downward correction from a 5-day high of $1.78.
Cardano price movement in last 24 hours: 50-day SMA key strength ($1.56)
Cardano is down 6% from yesterday’s intraday high. The bulls are waging a war against the 50-day SMA at $1.56 after beating headline volume on the 4-hour chart. In fact, the price is rising within a rising wedge that started at $1.49 and is now on its way to $1.54. This is the first rush since the 9th. June. If the bulls can sustain the move and solid buying volume, price could reach $1.94, where the support target lies. Taking this support would give the bulls the advantage of controlling Cardano’s price move towards ATH $2.47. Source: TradingView Cardano opened the daily chart at $1,533. There was strong upward momentum in the first few minutes of trading, after which the price fell to an intraday low of $1.4924. The daily range is quite wide, indicating high volatility.
Chart of Cardano’s 4-hour course Positive balance on MACD and RSI
The MACD has marked a bullish cross on the hourly chart. The relative strength index is surging towards the overbought area, indicating a positive buy signal. While the overall market is bearish, Cardano’s short-term charts are encouragingly bullish. There are some signs of recovery on the 4 hour chart. So the initial support at $1,500 seems strong enough to protect a breakout below that level and today’s low at $1.49. At the time of writing, Cardano is trading at $1.53 and has been hovering between $1.53 and $1.54 for some time. The $1.55 level seems to indicate that there are many sellers trying to push the price back from the 50-day SMA. Source: TradingView
Cardano price analysis output: Bulls should take the lead this weekend
Today’s chart close should be important to keep an eye on, as this is the second weekend since early June. Last week, the market came under strong downward pressure. However, the chart analysis of Cardano’s price shows that the pattern is positive and that the bulls are indeed looking for a bullish close. While all expectations are short-term, a breakout of the SMA and EMA would indicate a price rally to the next high. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.