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Cardano price analysis: ADA boosts 4 percent in bid to target $5 mark in November

Cardano price analysis

Cardano price analysis seems to have turned bullish over the past 24 hours, as price rose up to 4 percent over today’s trade to move as high as $0.4107. Buyers picked up momentum after yesterday’s increased volatility for ADA caused price to dip down to $0.38, following a 21 percent boost the previous day. Cardano price has generally been in a consolidation phase over the past month, forming support around the $0.30 mark. Over the coming trading sessions, ADA bulls will hope to pull price up to $0.42 in a bid to move closer to the $0.5 target for November.

The larger cryptocurrency market picked up some pace over the past 24 hours, led by Bitcoin’s revival past the $20,000 mark, and Ethereum’s rise above $1,500 with a 2.5 percent increase. Among Altcoins, Ripple rose 2 percent to $0.47, whereas Dogecoin made a significant 11 percent jump to reach $0.08. Meanwhile, Solana rose 4 percent to move up to $32.39 and Polkadot jumped 3 percent to move as high as $6.54.

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Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: 24-hour RSI picks up to show strong market valuation

On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming an Evening Star pattern over the day’s trade to signal a change in trend. After dipping down to $0.38 yesterday, ADA price moved up more than 4 percent today to move as high as $0.4107 and could jump further up to $0.42 over the coming trading sessions. In reference, price also moved up past the crucial 9 and 21-day moving averages, along with the exponential moving average (EMA) set at $0.38.

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

Furthermore, the 24-hour relative strength index (RSI) shows strong market valuation for ADA at 55.27, rising from 49.58 over the past 24 hours to move on the cusp of the overbought zone. However, having just changed trend and trading volume falling around 12 percent today, ADA price could be set for further increase before retracing towards $0.35 support. Meanwhile, the moving average convergence divergence (MACD) curve continues to trend along a bullish divergence with bulls targeting the $0.5 mark for the coming month. Over the next 24 hours, ADA price could rise up to $0.42, while a downward scenario could see a similar dip as yesterday towards support floor at $0.35.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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