TL;DR Breakdown
- Cardano price analysis shows price rose more than 2 percent over last 24 hours
- ADA could move as high as $1.60 after a dismal week that took price as low as $1.01
- 25 percent upswing towards $1.26 expected if bullish momentum consolidates
Cardano price analysis is slightly bullish again after price action during the week remained largely bearish and took price to as low as $1.01. ADA could move as high as $1.60 if the bearish trend is successfully reverted and recorded a 2 percent increment over the last 24 hours. From here, a 25 percent upswing could be in line to take price up to $1.26. However, ADA has failed near the forecasted $1.26 level after an initial breakout from $1 on March 23. If price can consolidate above current level at $1.05 it could make a successful intervention around $1.22-$1.35.
The larger cryptocurrency market showed mixed signs in price action over the past 24 hours, as Bitcoin consolidated to remain slightly above $42,500. Ethereum also remained in touching distance of the $3,300 mark, while major Altcoins recorded minor increments. Polkadot and Solana rose 2 percent each to sit at $19.71 and $112.37, while Dogecoin recorded a significant 5 percent rise to reach $0.15. Ripple endured a slight drop to move down to $0.75, similar to Terra’s 2 percent slip down to $93.30.
Cardano price analysis: ADA targets move above $1.05 support on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen enduring a dismal spell during the week that took price as low as $1.01. Over the past 24 hours, however, ADA can be seen forming an uptrend as it eyes a run towards $1.26 over the next 24 hours. For this to happen, buyers will need to consolidate momentum above the $1.05 support. Technical indicators provide favourable reading in that regard, with price eyeing the 50-day exponential moving average (EMA) at $1.08 over the next 24 hours.
The 24-hour relative strength index (RSI) is set at 47.61 and is expected to move upwards as buyers continue to come into the market at the start of a new week, providing a healthy market valuation for ADA. The moving average convergence divergence (MACD) signal line is also showing bearish lows after initially forming divergence below the neutral zone on April 6. Inferred from these technical indicators, if ADA can consolidate momentum upwards, it can extend up to the $1.26-$1.35 zone and open up a path towards $1.60. On the other hand, a daily close further downwards and below $1 would invalidate the bullish thesis.
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.
