TL;DR Breakdown
- Cardano price analysis suggests an upwards movement to $0.4000
- The closest support level lies at $0.3600
- ADA faces resistance at the $0.3800 mark
The Cardano price analysis shows that the price action finds resistance at the $0.3800 mark and has fallen back to the $0.3600 mark as the bulls recuperate.
The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ETH and BNB, recording a 7.96 and a 7.06 percent incline, respectively.
Cardano price analysis: ADA returns to $0.3600
The MACD is currently bullish, as expressed in the green color of the histogram. The indicator is showing steady bullish momentum as observed in the medium height of the histogram. Moreover, the indicator’s darker shade suggests an increasing bullish momentum across the short-term chart.
The EMAs are currently trading below the mean position as net price movement over the last ten days remains bearish. However, as the two EMAs’ turn upwards, the bullish activity is expected to increase, with the 12-EMA diverging from the 26-EMA. Currently, the EMAs suggest decreasing selling pressure as the price recovers back to the $0.3600 mark.
The RSI was trading in the oversold region a few days ago as the index dropped below the 30.00 index unit level. Since then, the indicator moved back up towards the neutral region and climbed above the 45.00 index unit level issuing no signals. Currently, the indicator is trading with a horizontal slope suggesting low momentum on either side of the market
The Bollinger Bands were diverging recently as the price action observed sharp bullish movement. However, as the price stabilized around the $0.3600 mark, the Bollinger bands started converging around the level. The indicator’s bottom line provides support at $0.3270, while the upper limit presents a resistance level at $6.82.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal, with 12 of the 26 major technical indicators supporting the bears. On the other hand, only five of the indicators support the bulls showing a low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downward movement against only one indicator suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Cardano price analysis?
The Cardano price analysis shows that after observing a sharp price drop to the $0.3200 mark, ADA was able to defend the support level and the price started to recover. Currently, the bulls are trying to hold the $0.3600 support level while the bears hold firm around the $0.3800 mark.
Traders should expect ADA to move upwards at the level, with the bulls taking the $0.3800 and climbing to the $0.4000 mark across the short-term charts. The suggestion is reinforced by the 4 and the 24-hour charts both issue strong bullish signals.
