- Cardano price analysis shows mixed market sentiment.
- ADA/USD pair is currently trading at $1.15.
- The closest resistance is at $1.240.
The Cardano price analysis is under bullish pressure today, as the coin is experiencing a mix of positive and negative market sentiment. The coin’s value has dropped to $1.193; nevertheless, bulls have emerged, and the currency has almost fully recovered all of its losses incurred by bears early in the trade session.
The Cardano price has recently experienced a sharp surge in its daily trading volume, with the 24-hour trading volume settled in the $130 million regions.
ADA/USD 1-day price chart: Major trend yet to be set for ADA
The Cardano price expressed mixed market sentiment yesterday. Despite the positive market sentiment, bears have continued to capitalize on traders’ indecisiveness. The ADA/USD pair fell by about 4% following a bullish breakout above $1.19 earlier this week. However, bulls defended the $1.20 major psychological resistance, and ADA price found support there. The market’s bulls then took full control, resulting in a breakout above $1.30 early this morning.
The ADA/USD pair almost climbed to $1.40 but was rejected at that level before it could even test $1.30 again for an exchange of hands. The market’s bears have since taken over, and bulls are struggling to take control of the market. The resistance at $1.240 prevents ADA price from soaring higher, while the support at this level dilutes bull pressure.
The ADA/USD pair is currently trading at $1.155, dropping 3.1% against the US dollar. The price has also fallen by 6.5% against BTC; however, its relative strength index (RSI) level shows that bulls are struggling, and bears are pressing on them with full weight. The formation of a falling wedge pattern is placing the ADA price under pressure, as it is about to break down after having failed to break above $1.2638.
The nearest resistance is at $1.240; only a daily close above this level would allow further gains in ADA/USD. On the downside, $1.156 is the immediate support, followed by $1.1265 and $1.120 on the downside, respectively.
ADA/USD 4-hour price analysis chart: Recent developments
The four-hour chart shows that ADA/USD has been trading in a falling wedge pattern since March 30, and it is likely to break down after failing to break above $1.2638. The relative strength index (RSI) level has also been decreasing since yesterday’s trade session, confirming the previous statement about bulls’ loss of strength.
The ADA/USD pair has been down by about 5% since the beginning of today’s trade session, making it a good selling opportunity at current prices for traders looking to get into a short position or add to their long positions with tight stop-losses.
The MACD crossover signal line has turned bearish for ADA/USD, confirming that bears are in control of the market. The Stochastic has also crossed over its 20-level upwards, but it is likely to turn downwards shortly because bulls have lost momentum.
The RSI crossover signal line has turned bearish for ADA/USD, confirming that bears are in control of the market. The Stochastic has also crossed over its 20-level upwards, but it is likely to turn downwards shortly because bulls have lost momentum.
Cardano price analysis: Conclusion
Trading volume has increased in the last 24 hours, which is a good indicator that bulls are taking advantage of ADA/USD’s current prices to enter into long positions. On the upside, the $1.240 resistance level is crucial for ADA price to break through if it wants to soar towards $1.30 and higher this week.
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