- Cardano price analysis shows new trend underway after another failed attempt to hit the $3 mark
- ADA/USD pair gained over 14% over the week amidst a brief retracement from the August 27 high of $2.94
- A fresh upswing expected with support levels set at $2.66
Cardano price analysis shows a minor setback down to $2.80 yesterday, followed by a swift recovery to trade at $2.87 at the time of writing. After jumping towards the all-time high of $3.026 on Friday, ADA faced rejection once more at $2.96, suggesting that it might take a few more attempts to unlock the $3 threshold.
Heading into the Alonzo hard fork on September 12, the dip is likely to be considered short-term with unfinished bullish momentum expected to continue.
The larger cryptocurrency market was pegged back slightly over the past 24 hours, apart from ADA that moved up 3 percent from yesterday. Bitcoin dipped just below 1 percent to trade at $48,630, while Ethereum dropped 1.2 percent to just above $3,200.
ADA/USD 24-hour chart: Buying and selling battle between $2.71 and $2.96
The 24-hour chart for ADA/USD pair confirms continuation of bullish momentum after a minor setback yesterday that pulled the cryptocurrency down to $2.75. A Bullish Engulfing pattern can be confirmed if the current trade session carries out positively for the pair, with current trading range set between $2.71 and $2.96.
The price currently trades above the Simple Moving Average (SMA) of $2.74 and well above the mid-level Bollinger Bands, and the Relative Strength Index (RSI) sits close to 70, suggesting slight overvaluation in current price.
ADA/USD 4-hour chart: A new attempt to breach $3 mark underway
The 4-hour chart for ADA/USD pair shows the price move above the SMA in recovering from an earlier dip down to $2.75. The upper Bollinger Bands curve shows resistance point at $3.03 and the 4-hour corrective decline finds support near $2.84, so price is expected to stay above that mark. The RSI is at 59, suggesting there is more room for ascend before overvaluation is reached.
In essence, any minor decline at this point can be a good buying opportunity for bulls to make yet another attempt to breach the $3 threshold as ADA remains on track to set new bullish targets.
Cardano Price Analysis: Conclusion
The immediate trend for Cardano remains in support of bulls as attempts continue to hit the $3 mark. The market continued positively over the past 24-hours after a slight decline yesterday and the technical indicators look good for continuation of bullish trend ahead of the Alonzo hard fork on September 12.
The intra-day RSI sits at a higher-end value of 69, suggesting any short-term retreat as result of the overvaluation could present a favourable buying opportunity to take price upward in the following trading sessions.
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