Cardano price analysis: ADA breaks above resistance, aims $2.5 next?

TL;DR Breakdown

  • Cardano price analysis for today shows Cardano is recovering.
  • Next, resistance is found at $2.5.
  • Strong support is found at $2.2.

The Cardano price analysis is bullish for today. The price of ADA/USD broke upwards today and is crossing the week-old resistance at the time of writing. Today again, bulls successfully dodged the bearish pressure, and prices started rising. The price of ADA/USD went from $2.2 to $2.36 today in a swift move and is trading at the later value at the time of writing.

ADA/USD was one of the less affected coins during yesterday’s bearish market and is one of the early risers from the bearish spell. Yesterday most of the crypto assets reported huge losses when the market crashed, and today many coins price movement is comparatively slow, including Bitcoin, Ethereum, Ripple, and most top altcoin. But Cardano is recovering at a good rate among others, Terra, Tezos, and Fantom being the fastest ones showing good improvement.

ADA/USD 1-day price chart: Bulls rally continues as price increases further

The 1-day Cardano price analysis shows that price is going up as bulls continue their march after getting the lead back today. Yesterday a decline in coin value was observed, but today ADA has recovered a good value and is continuously moving up.

Cardano price analysis: ADA breaks above resistance, aims $2.5 next? 1
ADA/USD 1-day price chart. Source: Tradingview

The volatility for ADA/USD pair is decreasing, which is a good sign for the cryptocurrency as Bollinger bands are narrowing down with the upper band at $2.7 and lower band at $2; the mean average of Bollinger bands is forming at $2.39 just above the price level.

The Moving average (MA) is present at $2.2 below the price level, and the relative strength index (RSI) is moving up towards the upper half of the neutral zone, presently found at 49 index, the indicator shows buyers are entering the market taking the value up.

The MACD indicator is still a little bearish as the histogram is still light pinkish, suggesting yet an undecided trend. The reason for this is the downward price line of the last three weeks when overall ADA was on the decline.

Cardano price analysis: ADA bulls aim for $2.5. What are technical indicators telling us?

The 4-hour price chart for Cardano price analysis is still going bullish, as the price is currently present at $2.36, which is the last resistance level it is crossing, set during the last week by bears. But the MACD indicator’s light pinkish color is telling another story; there still exists some selling pressure above this mark.

Cardano price analysis: ADA breaks above resistance, aims $2.5 next? 2
ADA/USD 4-hour price chart. Source: Tradingview

As we can see in the 4-hour chart, the volatility is still limiting with the upper Bollinger band at $2.4 and the lower band at $2; the mean average of Bollinger bands is at $2.2, quite below the price level, indicating a bullish trend.

The moving average (MA) is also below the price level at $2.29. We will discuss other moving averages below. The relative strength index (RSI) went up in the upper half of the neutral zone and is found at 59 index.

The moving averages MA10 and exponential moving average EMA10 suggest buying of ADA asset as the short-term price line is upwards. The MA20, MA30 and EMA20 and EMA30, are suggesting selling off assets as the price line for this time period are downwards. The Hull moving average also suggests buying of assets.

The oscillators are mostly neutral, with MACD and Momentum oscillators suggesting selling of assets, whereas the balance of power oscillator suggests a buy option for ADA. all other oscillators are standing neutral and do not support either side.

By rounding off all the technical indicators, we have nine indications for buying and eight indications for selling of assets, whereas nine indications do not show any signs and are standing neutral. Thus it’s safe to say there exists a mild bullish atmosphere for ADA.

The Cardano price analysis: Conclusion

The Cardano price analysis shows a bullish takeover after the bearish trend, but bullish momentum is still not strong enough. However, there are chances for it to continue. The short-term indications are favoring bulls, and if ADA breaks above the current price of $2.36, then it might go to $2.5, but selling pressure is above $2.36, which may stop the further upwards price function.

Disclaimer. The information provided is not trading advice. 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. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Why isn’t this being discussed? Gary Gensler interview

Mid Post Ads

Blockchain Integration Engineer (Solidity, Node.js)