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Cardano price analysis: Cardano soars to $0.8073 but stuck in stagnation mode

ada

TL;DR Breakdown

  • Cardano price analysis today shows a bullish trend
  • The current resistance is seen at $0.821
  • The support level for ADA/USD is present at $0.75
Cardano price analysis: Cardano soars to $0.8073 but stuck in stagnation mode 1
Cryptocurrencies prices heatmap, source: Coin360

Cardano price analysis today reveals that Cardano (ADA) prices have surged in the past 24-hours as the bulls seem to be back in control. ADA is currently trading at $0.79371 after hitting an intraday high of $1.02.The surge in ADA prices comes after a brief consolidation period where the bulls tested the $0.75 support level. The breakout above $0.90 has now shifted the focus to the $1.00 all-time resistance level. A sustained break above this level could see ADA prices rally to highs of $1.50 in the medium term. The key support levels to watch are $0.85 and $0.75. A break below these levels could see ADA prices drop back to lows of $0.50 in the short term.

Cardano price analysis shows that the prices have increased by 1.04 percent. The prices have been moving between a range of $0.7994 and $0.8128, with the bulls currently in control of the market as they push for a breakout above the $0.8128 resistance level.

The trading volume has remained relatively low over the past few hours, with a total of $993 million worth of ADA traded in the past 24-hours. The market capitalization currently stands at $21.49 billion as the altcoin continues to rank in the 7th position on CoinMarketCap.

Cardano price analysis on the 1-day price chart: Bulls need to increase pressure to recover the market

ADA/USD is currently in a bullish trend as the price has moved above the Ichimoku cloud. The current resistance is seen at $0.821 which needs to be broken for the bulls to take control of the market. The support level for ADA/USD is present at $.75 which needs to be held if the bullish momentum is to continue.

Cardano price analysis: Cardano soars to $0.8073 but stuck in stagnation mode 2
ADA/USD 1-day price chart, source: TradingView

The RSI is currently at 50.00, indicating that the market is in equilibrium. The MACD indicator is currently in a bullish crossover and looks set to increase in bullish momentum over the coming days. The RSI indicator is currently in a bullish crossover and looks set to increase in bullish momentum over the coming days. The EMA ribbon is currently flat, which indicates that the market could consolidate in the near term before a breakout. Looking at the Bollinger bands indicator on the 1-day price chart, we can see that the prices are currently in the lower band, indicating that there is room for a price increase. Bulls need to increase pressure to recover market sentiment.

Cardano price analysis on the 4-hour chart: Prices surge as bulls take control

On the 4-hour chart for ADA/USD, we can see that prices have surged in the past few hours as the bulls take control of the market. ADA/USD is in a bullish trend as the price has moved above the 50-period EMA and the 100-period EMA. The current resistance is seen at $0.8128 which needs to be broken for the bulls to take control of the market. The support level for ADA/USD is present at $.75 which needs to be held if the bullish momentum is to continue.

Cardano price analysis: Cardano soars to $0.8073 but stuck in stagnation mode 3
ADA/USD 4-hour price chart, source: TradingView

The Ichimoku Cloud indicator is bullish on the 4-hour and daily charts, which suggests that the bulls are in control of the market. The short-term trend is also bullish as prices are above the 20-day EMA. The RSI indicator is currently at 50, which suggests that there is no clear trend in the market at the moment.

The MACD indicator is currently in bullish territory as the signal line is above the histogram. The ADX indicator is currently at 19, which suggests that there is no clear trend in the market at the moment. The Bollinger bands are currently bullish as they seem to be diverging, thereby the market volatility is decreasing.

Cardano price analysis conclusion

Overall, Cardano’s price analysis today shows a bullish trend in both the short and long-term timeframe. The bulls will need to increase pressure if they are to take control of the market and continue the upward trend. However, if the prices could break lower then the support at $0.75 will be vital for the market to remain in a bullish trend.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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