Cardano price analysis shows a positive uptrend taking shape, as price over the past 24 hours rose slightly to reach up to $0.38. ADA has been trending upwards since touching the support zone at $0.35 on May 26, and inclined over 5 percent in a single day on May 28. Now, bulls will be looking at the next target at the $0.40 resistance which was last achieved a month ago on April 30. Cardano trading volume over the past 24 hours dropped around 11 percent, hinting at traders holding on at the current trend awaiting a bigger rise. ADA market cap went up at $17046,353,022.
The larger cryptocurrency market shows minor uptrends across the board from yesterday’s prices, with Bitcoin rising up to $27,800, and Ethereum moving up to $1,900. Among leading Altcoins, Ripple is the biggest winner, having moved up to $0.52 with a 8 percent rise. Dogecoin price stayed at $0.07 over the past 24 hours, while Polkadot also incurred a minor decrement at yesterday’s price level of $5.43. Meanwhile, Solana moved up 4 percent to $21.52.
Cardano price analysis: Price beats moving averages on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen largely in a horizontal trend during the month of May, hovering around the $0.36 mark. With support at $0.35, ADA has been unable to hit the next resistance point at $0.40. However, since moving down to the support level at $0.35 on May 28, price has increased more than 7 percent to move as high as $0.38, with the resistance target in sight. Current price also sits above the 9 and 21-day moving averages, as well as the crucial 50-day exponential moving average (EMA) at $0.37.
The 24-hour relative strength index (RSI) can be seen on the up over the current trend, and shows increasing market valuation for Cardano at 52.57. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bullish divergence set as the trend line crossed the signal line on the 24-hour Cardano price analysis.
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