- Cardano price analysis is bullish today
- Support retested at $1.18
- Resistance tested at $1.20, seems to break resistance as Cardano prepares to test further upward movement soon
The ADA/USD trading volume is still doing very well with an increase of 57.95 percent in the last 24 hours. Furthermore, there is a high net-worth investor, increasing ADA/USD trading volume by 8.15 percent in the last 24 hours. Cardano‘s price at the moment is $ 1.18, with a market dominance of 1.99 percent.
Looking at other cryptocurrencies’ performance at the Coin360 prices heatmap, a bullish trend has been seen with leading cryptos Bitcoin and Etherium adding 2.63 percent and 2.35 percent in their previous prices. USDT and BUSD are the bears of the day shedding 0.03 and 0.05 percent of their prices.
Cryptocurrency price heat map, source: Coin360
Cardano price movement in the last days we cannot say there was a stable trend. The price moves between two levels in which it has completed at least one cycle. The first level is around $1.05 and the second level is around $1.17.
Today the price has moved towards the upper level and reached $1.18 in a downward movement which we consider bullish. Nevertheless, we expect to see shortly a correction upwards and probably another downward move to test the second level that in our opinion is acting as resistance for Cardano.
ADA/USD price movement in the last 24 hours: Cardano is likely to remain bullish
The ADA/USD daily chart shows some signs of a pattern completing as a double bottom at $1.05. This movement could be seen as a bullish reversal pattern that can indicate an upward trend in ADA/USD future price.
Now, an important resistance can be found at $1.17 which represents a 50% Fibonacci retracement of the last downward movement. On the other hand, any upward momentum could also face some strong support levels around $1.18 then around $ 1.19 that are respectively 38.2% Fibonacci retracement and a double bottom formation. Nevertheless, we expect to see shortly a bullish reversal.
ADA/USD 4-hour chart: Cardano surges back to highs of $1.8
According to the ADA/USD 4-hour chart, it is possible that in the next hour’s price movement could face a minor resistance at $1.14 which represents a 38.2% Fibonacci retracement of the downward movement from $1.16. In any case, we expect a bullish move even if the current price is around the major resistance at $1.17.
We consider ADA/USD as a bullish pick in the long term and we will monitor closely if Cardano reaches $1.17 again to confirm that the bearish trend is over. The upper Bollinger bands are stretching towards the over-bought region showing the strong bullish movement.
ADA/USD 4-hour chart, source: TradingView
The MACD line has crossed the red signal line suggesting the bullish trend. The Relative Strength Index has surged past the 50 levels showing the slight bullish momentum adopted. The indicator has been trading at high levels since the price of ADA/USD rose above $1.5.
Cardano price analysis conclusion: Cardano price is likely to break the resistance $1.19
Summing up, our analysis of the ADA/USD price in the last 24 hours is bullish. Nevertheless, we expect to see shortly a correction upwards and probably another downward move to test the second level that in our opinion is acting as resistance for this cryptocurrency.
The ADA/USD daily chart shows a possible formation of a double bottom which is a bullish reversal pattern and could indicate an upward trend soon. On the daily and hourly chart, it is evident the bulls are favored by the current Cardano price action.
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