Cardano price analysis: ADA price escalates to $1.2 as buying pressure intensifies

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis shows a firm bullish trend
  • ADA prices are currently trading around the $1.2 level
  • ADA price’s current resistance is at $1.20
Cardano price analysis: ADA price escalates to $1.2 as buying pressure intensifies 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Cardano price analysis shows the coin opened the daily trading sessions trading as high as $1.2 against the US dollar. The buying pressure behind ADA seems to be intensifying daily as the bulls eye a break above the $1.20 resistance level in the short term. Cardano‘s price has spiked over the last few days as the bulls continue to push prices higher. Key support for ADA prices is present at the $1.18 and $1.10 levels.

At the time of writing, ADA exchanges for $1.19 and is up by 2 percent, with a trading volume of $1,470,665,082.77. The ADA/USD pair has risen over the last 24 hours. The current resistance at $1.2 is a key level that the bulls will need to break through to send prices even higher. A breakout above this level could see ADA prices reach as high as $1.50 in the near future. It looks like the bulls control the market, and an increase in prices is more likely.

Cardano price action in 1-day price chart: ADA maintains an uptrend as it prepares to break higher

ADA is currently in an uptrend, as indicated by the higher lows and higher highs formed in the price chart. The present buying pressure in the market has set the stage for a potential breakout above the $1.2 resistance level in the days ahead. The bulls need to keep up the buying pressure to achieve this.

Cardano price analysis: ADA price escalates to $1.2 as buying pressure intensifies 2
ADA/USD 1-day price chart, source: TradingView

The MACD indicator is currently in bullish territory and continues to provide buy signals. The RSI also indicates strong bullish momentum. These indicators suggest that the bulls are in control of the market and that a breakout above $1.2 could see ADA prices reach as high as $1.50 in the short to medium term. The SMA50 provides strong support for ADA prices and is currently well above the SMA200. This indicates that the bulls are in control of the long-term trend as well.

ADA price action in the 4-hour chart: Bullish momentum builds up, breakout imminent

ADA is currently trading in a bullish trend, as indicated by the higher lows and higher highs formed in the price chart. The bulls currently control the market and are looking to break above the $1.2 resistance level to send prices even higher. Moreover, ADA market volatility is increasing, which could signify an impending breakout as the Bollinger bands are starting to widen.

Cardano price analysis: ADA price escalates to $1.2 as buying pressure intensifies 3
ADA/USD 4-hour price chart, source: TradingView

The MACD indicator is in bullish territory and is providing buy signals. The RSI is also indicating strong bullish momentum at the moment. These indicators suggest that a breakout above $1.2 could see ADA prices reaching as high as $1.50 in the short to medium term. The SMA50 provides strong support for ADA prices and is currently well above the SMA200. This indicates that the bulls are in control of the long-term trend as well.

Cardano price analysis conclusion

ADA prices have been on an uptrend over the last few days and are currently trading around the $1.2 level. The bulls control the market and are looking to break above the $1.2 resistance level to send prices even higher. A breakout above this level could see ADA prices reach as high as $1.50 in the short to medium term. However, if the bears intervene, ADA prices could retrace to the $1.10 support level.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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