- Cardano price analysis is bullish today.
- ADA/USD is currently trading at $2.0.
- Closest resistance at $2.10.
Towards the closure of yesterday’s Cardano price analysis chart, ADA/USD traded bullishly. However, today the market has taken another trend, and it is bearish in most trading sessions.
During today’s Asian trade session, ADA/USD has been consolidating sideways inside a rising wedge pattern. It is currently trading around $2, and the closest resistance level is at $2.10. The 100 EMA line has been moving sideways in a downtrend, and now, located at $1.9 and rising slowly in an uptrend. The MACD indicator with its histogram positive but still in the negative territory has crossed to the downside below its signal lines, indicating sell market condition although slightly weakly.
The RSI Stochastic oscillator confirms ADA/USD bullish breakouts, which look similar to the one above. Both indicators are about to cross their signal lines to the bullish territory as well as their histogram values are in positive territory and gradually increasing.
ADA/USD 4-hour chart: Bullish signals
On the 4-hour chart, we see consolidation around $2 over the last several hours, likely indicating that the Cardano price is preparing for more significant gains.
After a week of positive momentum, Cardano’s price has begun to fall. We saw increasingly lower highs set for ADA/USD as the market consolidated above $2.10 for several weeks.
Stochastic RSI is trending upwards, suggesting ADA/USD to increase its market strength, and the bearish momentum will not be able to push it further down. As long as both indicators remain above their signal lines and remain in positive territory, the price of Cardano is expected to continue trading with an uptrend bias.
ADA/USD bullish breakouts are confirmed by the MACD indicator, which has been moving for some time now, indicating no more downward pressure but a smooth upward momentum throughout the trading session today. The red signal line crossed above its blue MACD line, which looks quite promising for bulls that ADA/USD may continue to trade higher than the $2 level.
Cardano Price Analysis: Conclusion
The market is currently trending bullish with no significant sell signals from the short-term charts. Still, a bearish market condition may emerge anytime as several indicators are pointing to downward momentum. For now, ADA/USD will most possibly close the week on a higher note so long as both RSI and MACD indicators continue to trend higher in positive territory despite the adverse price action throughout this week’s trading sessions.
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