- Cardano price jumped more than 5 percent on the day.
- Bulls eyeing $1.50 resistance in current trend as price continues to rise.
- Trading volume fell more than 40 percent to confirm bullish outlook.
Cardano price analysis shows a strong bullish outlook for the day. Price jumped up to $1.21 after rising more than 5 percent to set up a 37 percent rise during the week. The pullback from $1.30 that initiated on January 26 has resulted in a bullish run at the start of the month for ADA and price remains in line for another push towards the mark. In an attempt further upwards, bulls will try to test the $1.50 resistance point. For that to happen, price needs to close above the 38.2 Fibonacci retracement level at $1.32. In a scenario where the current trend fails to push further, Cardano will be in line for a drop back towards the $1.05 support.
The larger cryptocurrency market posted bullish outcomes during the day’s trade, with Bitcoin surpassing the $44,500 mark. Ethereum also consolidated above $3,000 with a 4 percent rise. Among Altcoins, Ripple rose a significant 6 percent to take price up to $0.895. Dogecoin rose 2 percent to move to $0.16 with Litecoin rising 4 percent to take price up to $140.349. Solana and Polkadot rose 2 percent each to move as high as $115.773 and $22.168, respectively.
ADA/USD 24-hour chart: Bull market confirmed after price pushes past $1.18
On the 24-hour candlestick chart for Cardano price analysis, price can be seen pushing past the bearish trend line at $1.18 and also surpassing the crucial 25 and 50-day exponential moving averages (EMAs) at $1.15. Currently, ADA presents an opportunity for buy stop orders at $1.20 with profit targets at around $1.58. The overall market valuation also justifies a push towards $1.50, with the relative strength index (RSI) sitting at 52.18. The moving average convergence divergence (MACD) curve also continues to stay above the neutral zone since February 4, further adding to the bullish scenario.
ADA/USD 4-hour chart: Price pushes to close above $1.20
The 4-hour chart for the ADA/USD trade pair shows price attempting a make or break move to close above $1.20. Cardano market enjoyed a bullish 24-hours and continued to make increments as the Asiatic and European markets in action. Now as the US market comes into play, price needs to close above $1.20 to maintain momentum towards the $1.50 mark. The 4-hour RSI shows a slightly overvalued market valuation at 55.45 for ADA, and a close below $1.190 is expected to invalidate the bullish thesis.
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