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Cardano price analysis: ADA prices consolidate above $1.20 as bulls defend key support

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TL;DR Breakdown

  • The Cardano price analysis is bearish
  • ADA prices have seen support at $1.17
  • Cardano key resistance is present at $1.24
Cardano price analysis: ADA prices consolidate above $1.20 as bulls defend key support 1
Cryptocurrencies prices heatmap, source: Coin360

Cardano price movement over the last 24 hours shows that ADA prices opened the daily chart trading at $1.21 and have since seen a 0.95 percent price decline to the current trading level at $1.20. The market has shown mixed results with bullish and bearish pressure pushing prices in opposite directions. The current market sentiments are slightly bullish with the hourly chart showing that ADA prices are currently testing key resistance at $1.21. A break above this level could see prices advance to the $1.24 resistance level. On the other hand, if ADA prices fail to break above $1.21, then a fall to the support at $1.17 is likely.

The main support level for ADA is currently at $1.17 with bulls defending this key level. A break below this support could see prices decline to the next key support at $1.14. The main resistance level is at $1.24 with a number of resistances below this level. If ADA prices can break above $1.24, we could see a continuation of the bullish momentum and an increase in prices.ADA prices are currently in a consolidation phase with a bullish bias. A break above $1.21 could see prices advance to the $1.24 resistance level.

Cardano price movement in the last 24 hours: Bulls and bears battle for control

The 1-day price chart reveals the current battle for ADA price dominance between bulls and bears.ADA prices have been trading around $1.20 and $1.21 as the bears try to push the prices below the key support at $1.17, and the bulls defend this key level. ADA market volatility is increasing with the increasing buying action as bulls and bears push prices in opposite directions.

Cardano price analysis: ADA prices consolidate above $1.20 as bulls defend key support 2
ADA/USD 1-day price chart, source: TradingView

The SMA 50 is located below the SMA 200 and both are indicating a downtrend. The RSI is at 41.9, which shows that the market is not oversold or overbought. The MACD histogram is in the negative zone and continues to decline, which indicates that the bears are in control of the market. The Stochastic indicator is at 50.5, which shows that the market is in the neutral zone.

Cardano price analysis on a 4-hour price chart: Bulls try to break resistance at $1.21

ADA prices on the 4-hour chart are in a consolidation phase with a bullish bias. The market is currently testing the key resistance at $1.21, which if breached could see prices advance to the next key resistance at $1.24.

Cardano price analysis: ADA prices consolidate above $1.20 as bulls defend key support 3
ADA/USD 4-hour price chart, source: TradingView

The Bollinger Bands are slightly squeezed, which shows that the market is experiencing low volatility. The Stochastic indicator is at 50.0, which is in the neutral zone and the MACD histogram is in the positive zone and continues to increase, which indicates that the bulls are gaining control of the market. The SMA 50 is located above the SMA 200 and both indicators are indicating a bullish trend.

Cardano price analysis conclusion

The Cardano price analysis is indicating a bearish trend with the main support at $1.17. The bulls are currently defending this level, but a break below it could see prices decline to the next key support at $1.14. The main resistance is at $1.24, with a number of resistances below this level. If ADA prices can break above $1.24, we could see a continuation of the bullish momentum and an increase in prices.

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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