- Bulls attempting to break out of May 19th correction
- Bears are still exerting downward pressure towards the 90-day low
- At the time of writing, the coin is hovering between $1.31 and $1.33
Cardano Price Analysis: General price overview
Approaching the end of June, Cardano (ADA) has attempted to break out of the 49 percent plunge in May. Currently, the coin is testing the 2018 high near $1.40 and consolidating a corrective relative strength index to bring it closer above $1.40. The past weeks have seen the coin correct lower to a 90-day low that took place on June 22. Cardano dropped to $1.02, almost breaking below the psychological support at $1.00. Nonetheless, the coin managed to rebound the downward pressure and float back to $1.30. Recent developments around Cardano include the June 14 launch of the AlonzoBlue 2.0 hard fork, which is going to drive smart contracts on the ADA ecosystem.
Other essential news releases include data from PoolTool indicating the addition of over 50,000 Cardano staking addresses within a period of three weeks. The number represents an 8 percent growth in just a month, suggesting a robust network that can attract new users.
Cardano price movement in the Last 24 hours
Market bulls were anticipating the coin to break above last week’s descending trendline during the weekend. While the coin has not yet broken out, the bulls have bounced back from a falling wedge and deconstruct resistance around $1.33 and $1.35. The technicals are downsloping on the 24-hour chart, including an RSI lying towards the oversold region. The moving average convergence divergence (MACD) has marked a bullish crossover on the 12-hour chart. On the other hand, Cardano’s price has crossed above the Bollinger mid-point and over the Bollinger moving average. The bands are expanding on the 4-hour chart, a suggestion of increasing volatility. ADA/USD pair opened the daily trading chart at $1.3331 and marked an intraday low at $1.300. The intraday high lies at $1.3489.
Cardano 4-hour price chart
It is easy to dismiss the current price as the weekend’s corrective low, but we cannot dismiss the fact that market bulls might advocate for oscillating price action from the daily high to $1.40. At the time of writing, the coin is hovering between $1.31 and $1.33. The current price level is only a continuation of yesterday’s close bullish uptrend. The ability of the bulls to resolve selling pressure at the 200-EMA will determine the direction of the uptrend.
Cardano price analysis conclusion
Cardano has a lot in store in its expansion plan. The development team at IOHK announced they were researching and evaluating the potential of integrating Stablefees on Cardano. Stablefees is a platform that seeks to implement a base price for payments and ties the payments to a basket of stable currencies.
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