- Cardano price expected to rise to the $0.320 level
- The nearest support lies at $0.280
- ADA faces resistance in crossing above the $0.300 level
Cardano (ADA) price hovers around the $0.290 level as the ADA markets observe little to no momentum on either side. Across the last 30 hours, Cardano price has oscillated between the $0.2800 and the $0.3000 price levels as ADA failed to make a breakout in either direction.
The broader cryptocurrency market observes a bullish change across the last 24-hours. However, the change has been low, and most major cryptocurrencies record a change of less than 5 percent across the period. This is the same for Bitcoin as BTC trades at an almost 2 percent raise across the timeframe.
Cardano price overview: Cardano price across January
Cardano price started the year with a bullish outlook as the price moved with green candlesticks that increased in size until January 7. The bull rally carried the price from the $0.1750 level to highs of $0.340 on January 7.
However, the bulls were exhausted, and the ADA has not climbed any higher since then. Instead, ADA declined to the $0.240 level. While the price has recovered since then, ADA has still not made a breakout in either direction, and the price stagnates below the $0.300 level.
Across the technical indicators, the MACD has declined to the mean level showing a decline in price volatility. This decline also suggests that ADA markets are observing low momentum from both buyers and sellers. This is further reinforced by the declining trade volume ADA has recorded across the last five days.
The RSI hovers close to the 50.00 mark with little activity away from the mean point. The indicator shares the MACD’s sentiment showing low momentum in the market. However, the RSI also indicates that ADA has potential for sharp movement in either direction. The indicator also suggests that ADA would observe a sharp increase in its price movement.
The Bollinger bands share this sentiment as the indicator has converged to a squeeze. This suggests that ADA price volatility will increase significantly in the short term. However, the indicator is currently converging, suggesting that it may be some time before ADA volatility bursts.
Across the daily frames, 15 of the 28 major technical indicators issue a buy signal, while only three indicators issue sell signals. Meanwhile, ten indicators remain neutral and do not indicate support towards either side. Overall, the indicators issue a buy that is further supported by the four-hour technical analysis, which shows 17 indicators suggesting a rise in ADA price.
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