- Cardano price analysis turns bullish as price rebounds from $1.000 lows
- The price has turned tables in the last 48 hours as the buying action intensifies
- The broader crypto positive sentiment is helping the bulls sustain the uptrend
- ADA rebound remains under selling pressure as the price approaches $1.50
Cardano price analysis is turning extremely bullish as multiple green candlesticks bring cheer to the market. The price is trading near the upper range of the Bollinger Bands at $1.3896 with a bullish bias. The price action has been bullish throughout the day as the pair moves in a tight range between $1.15 and $1.3890. So, will the current rally continue to higher price levels, or will it fizzle out?
As per Cardano price analysis, the ADA/USD pair has shown considerable resilience against a broader crypto negative sentiment to reach the current $1.3890 price level. In what can be termed a sharp comeback, the price has rebounded swiftly from the $1.00 low posted earlier this week. The bears would be surprised at the way bulls have taken over, especially in the last 24 hours.
The cumulative rise from $1.00 to $1.3890 shows a 35 percent rise in the price in just one week. However, the ADA/USD pair is still 45 percent below its earlier high of $2.4652. Still, the market capitalization of Cardano stands near $42 billion, making it amongst the five biggest cryptocurrencies.
Cardano price movement in the last 24 hours: Ready to brush with resistance at $1.50
The ADA movement in the last 24 hours can only be described as highly bullish. The price has painted decent-sized green candles on the hourly charts and is now looking to pierce out of the Bollinger Bands. The Bollinger Bands are also looking to stretch out and give way to more room for the price to move.
The past 24 hours saw the price move from $1.9902 to $1.3990. Even though Cardano has been affected by the current sell-off in the crypto industry, the pair has seen a good rebound in the last few hours, and the spike has been relatively mature in terms of volume and liquidity.
Despite a sharp 35 percent rise in the current chart setup, the price is still vulnerable to corrections. The hawkish US Federal Reserve and the crypto crackdown in China are not going to end well for the market. The profit-taking can also drive the price southwards. The 45 percent drop from all-time highs is yet to sink in entirely in the price action.
ADA/USD 4-hour chart: Rebound rekindles bullish hopes
Hopes of a bullish uptrend are alive in the Cardano price analysis. The investors and traders seem upbeat about the present rise. As ADA moves higher, it will meet first concrete resistance at $1.50, where the pair is likely to face heavy selling pressure. Cardano price analysis suggests that both traders and investors are following the buy-the-dip approach and make intra-day profits on the current rebound.
The price is stalling near the upper Bollinger Band at $1.40. The bullish momentum may be in for a correction as bears load up sell orders near the $1.40 resistance level. The coin is trading near the 100-day moving average. The RSI is approaching 60 level on the hourly charts, which means there’s still ample room for growth upwards.
Cardano price analysis conclusion: Massive support underneath will help ADA
Today’s rise towards $1.3890 is built on extensive support underneath the pair. The volumes are somewhat muted but still enough to propel the pair higher towards the $1.50 level. The head and shoulders pattern shows that the pair will stagnate initially and then move higher according to Cardano price analysis.
Bears are not out of the picture following today’s spike. They will be looking to stop the current rally near $1.50, where resistance means that massive selling can stall the rise. The ADA will also correct near the current support levels at $1.30 before deciding the future course of action.
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.