Home Cryptocurrency Cardano waging momentum to go for $1.49 resistance

Cardano waging momentum to go for $1.49 resistance

by Serge Shlykov

Cardano is currently trading around $0.25, and while this is a huge gain over the past few months which saw the price of Cardano at around $0.02, it’s still a long way from reaching the $1.49 resistance level which is seen by many as a major barrier to overcome.

Cardano is a platform that has been gaining a lot of traction lately. With the recent bear market in crypto, Cardano’s prices are now under $1.50. Such relatively low prices, coupled with the platform’s features, makes the platform a better investment choice. Additionally, the platform’s roadmap is set to be completed in Q4 of this year, which means that the platform will be ready in time to take advantage of the next bull run.

Over the past few days, we’ve been keeping a close eye on Cardano’s price action. The cryptocurrency has been trending sideways for weeks now, unable to break out of the $1.20-$1.30 mark, and there are only a handful of trading opportunities that are worth bothering with.. Read more about cardano price prediction and let us know what you think.

Summary of the situation

  • Resistance drops on 24 hour chart
  • The bulls at Cardano are currently calling for a $1.60 price target.
  • At the time of writing, Cardano is trading at $1.4486.

Gimbal price analysis: Price Overview

The bulls in Cardano price analysis have managed to retreat near yesterday’s $1.49 retracement and are currently consolidating their momentum at $1.455. Yesterday’s sell signals were strong as the currency struggled to stay in the green zone. Analysts expect the market to move in a price range of $1.39 to $1.49. Cardano started the daily chart with an opening price of $1.4033, a level that also serves as an intraday low.

By morning, the bulls had managed to push the price to a daily high of $1.4578. More buyers have entered the market as they expect the price to rise to $2.00 and absorb about 74% of the profits. Cardano is currently ranked 5th in terms of market capitalization. The currency currently has a total capitalization of $45.65 billion.

The current uptrend is a relief for traders who bought the currency on January 1. July should have bought when it was trading inside the $1.50 support. The disadvantage of this price level is that it can lead to panic in the market due to the high concentration of sellers. Overall, bulls can expect further increases in the short to medium term.

Cardano price analysis of the last 24 hours: $1.60 target remains intact

The 24-hour chart shows bearish resistance as indicated by the downward sloping RSI, which is currently hovering in overbought territory at 32. Bears can derail any bullish momentum by simply tipping copper volume at $1.40. However, the RSI will move into neutral territory and attract additional momentum to continue the uptrend.  Cardano would need additional support from the broader market to overcome the 5th Circuit’s rejection. July at $1.49. The above level is a psychological resistance level and an excellent profit taking point for break-even traders.  Strong momentum will take the bulls above this level, otherwise the bears will correct downward and retest $1.20.

The MACD is heading for a bullish cross, but the blue and red lines are still a bit far away.  Market volatility is moderate as evidenced by the volatility index and intact Bollinger bands.

Supporters of the Cardano price are looking to push the currency to higher highs and are currently aiming for $1.60.  On the downside, the bears are aiming to break through the $1.35 support level and trigger the major downtrend between $1.35 and $1.20.

Source: TradingView

Cardano 4 hours chart: bearish weakness on the 4 hours chart

At the time of writing, Cardano is trading at $1.4486 to the U.S. dollar. According to Cardano’s price analysis, the currency is bullish and we can expect an upward move on the 4-hour chart. Meanwhile, we could see signs of weakness in the chart after the price corrected from the daily high at $1.4578 to the current price.

Cardano price analysis output: What can we expect from Cardano?

Cardano (ADA) conceded its weekend gains Monday after a selloff sent prices plummeting in the broader crypto-currency market.  Major cryptocurrencies corrected to lower levels, but bulls found support around Friday’s price levels. Tuesday’s indicators point to great optimism in the market, and participants can expect more significant corrections in the coming days.

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.The Cardano project is a promising project, and it’s on a mission to bring the best qualities of blockchain technology to real world use by creating what it refers to as a “third generation blockchain”. The Cardano blockchain is what many consider to be the most promising project in this space by a large margin—it’s the only project that has so far demonstrated the ability to scale to a global transaction level.. Read more about cardano triangle and let us know what you think.

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