Cardano price analysis: ADA bounces back towards $0.95 with a 5 percent rise

TL;DR Breakdown

  • Cardano price analysis shows price rose 5 percent on the day to initiate upturn
  • After falling to $0.85 critical support, price could return to $0.95 before retracing
  • Trading volume fell 28 percent while market cap rose by 5 percent over the last 24 hours

Cardano price analysis shows bullish signs for the day, as price rose almost 5 percent over the last 24 hours to initiate a well due upturn. After enduring significant losses in succession since February 16, ADA dropped to the $0.85 critical support after yesterday’s trade. The precarious position instigated buyer interest in the token with price now in the running to test $0.95 resistance over the current upturn. Over the past 24 hours, majority technical indicators turned neutral and bullish, with market cap rising by 5 percent and trading volume dropping 28 percent.

The larger cryptocurrency market followed suit to ADA, as Bitcoin consolidated to move in touching distance of the $39,000 mark. Ethereum rose 3 percent to sit at $2,700, while major Altcoins showed significant gains. Ripple and Dogecoin rose 2 percent each, to sit at $0.713 and $0.131, respectively. Solana gained 5 percent to move up to $88.83, and Polkadot rose 3 percent to $16.604. The biggest upwards movement was made by Terra, continuing its rise with a 15 percent increment.

Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: 24-hour chart indicates profit taking near $0.94 moving average

The 24-hour candlestick chart for Cardano price analysis highlights the upward price movement conjured by Cardano over the past 24 hours. However, technical indicators also highlight a coming retracement once the token hits the $0.95 demand zone, where the simple moving average also exists. Buyers over the current trend will be looking to place buy stop orders at $0.91 and not trust Cardano to move up to $1. The exponential moving average (EMA) sits at $0.947 but is expected to come down as price retraces over the next 24 hours. Similarly, the relative strength index (RSI) shows a lowly market valuation at 32.43 and the moving average convergence divergence (MACD) remains bearish.

Cardano price analysis: 24-hour chart. Source: Trading View

Overall, the price action remains neutral for now, with expected downtrend as price reaches up to $0.95. Support still sits at $0.85 and potential sell offs may push price back towards that point over the coming 48 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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