in

Cardano price analysis: ADA breaks above $2.1, will the bull rally continue?


TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • Resistance is found at $2.3.
  • Strong support is found at $1.9.

The Cardano price analysis is displaying bullish signs today. The price break-up was upwards as bulls successfully diverted the price function today and moved up the price from $2.0 to $2.1 in a swift move. Overall market sentiment is in favor of ADA/USD today, and a further increase in price is also expected.

Overall the broader cryptocurrency market got a bullish kickstart today, after the bearish weekend as most of the cryptocurrencies, including Bitcoin, Ethereum, and most top altcoins, observed a positive market sentiment in the last 24 hours and reported gains, with Uniswap and Ethereum being the top players, gaining more than 30 percent and nine percent value respectively over the specified period of time.

ADA/USD 1-day price chart: Bulls trying to climb past the $2.3 resistance

The 1-day price chart for Cardano price analysis shows bulls recovered the price up to $2.2 level from the start of the session, which is major progress after the bearish losses of the last days. The price might still struggle to break above $2.33 as selling pressure seems to be present at the mark.

Cardano price analysis: ADA breaks above $2.1, will the bull rally continue? 1
ADA/USD 1-day price chart. Source: TradingView

The volatility has decreased significantly for ADA/USD pair as Bollinger bands have narrowed down, which is a favorable development for the cryptocurrency, with the upper band $2.6 and the lower band at $2, whereas the average of the Bolinger bands is forming at the $2.3 mark.

The relative strength index (RSI) is in the lower half of the neutral zone but slowly moving upwards and is present at 46 index; the indicator is showing a sizeable space for the bullish run.

The MACD is still bearish but mostly indicating a non decided trend yet, as is imminent by the light red color and small size of the histogram. The histogram can turn green if bulls continue their streak for some time.

Cardano price analysis: 4-hour price chart and further technical indications

The 4-hour price chart also shows the bullish activity taking place in the market for ADA/USD. Today no traces of bearish resistance has been seen yet as market conditions are in favor of bulls, and the price is expected to rise more.

Cardano price analysis: ADA breaks above $2.1, will the bull rally continue? 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is mild for ADA/USD pair as Bollinger bands are moving straight ahead with the upper band at $2.39 and the lower band at the $2.16 mark, making a mean average line at the $2.28 mark above the price level. The Bollinger bands yet have to take an upwards or downwards breakout.

The relative strength index (RSI) is at the center of the neutral zone at 49 index in the 4-hour chart, showing some more upwards movement during the recent hours as ADA/USD gathers buyers’ support.

The moving average (MA) has crossed down the price level and is present at $2.14, marking a bullish indication. The MA10 being the short term is favoring buying option, whereas MA20 and MA30 favor the selling option due to the bearish trend of the last few days. The exponential moving average (EMA) mostly supports a selling option as EMA10, 20, and 30; all indicate selling options for ADA.

The only oscillator favoring a buy option is the momentum indicator, whereas all other oscillators show no signs and are standing neutral except the MACD supporting selling option as discussed above. Overall the technical indicators for Cardano price analysis are mostly on the bearish side due to the downwards price trend line.

Cardano price analysis: Conclusion

The Cardano price analysis suggests, the bulls are making a recovery, and if ADA gathers enough strength from buyers, then the price can break above the $2.3 mark, but selling pressure is there at this level. Though the shorter technical indications don’t support the bullish side as the overall price trend line is still downwards.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

Music NFT Pop-up Gallery Built on Tezos Opens in Detroit

President Bukele Tweet Sep 29

Bitcoin Price Gains 1.5% To $42K While El Salvador Dives Into BTC Mining