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Cardano price analysis: ADA prices remain range-bound, hovering above $0.310 support

Cardano

TL;DR Breakdown

  • Cardano price analysis shows a sideways trading action
  • ADA has been trading in a narrow range but above $0.31 level
  • The key resistance level is $0.379

Cardano price analysis for today shows a slight sideways trend, as we’ll likely see another wave of upward momentum in the near future. ADA reached a daily high of $0.3148, representing a decrease of  0.37 percent. The cryptocurrency faced some resistance at the $0.3185 level, but we can expect to see further gains in the days ahead as long as support holds steady around the $0.3061 level.

While a move down to $0.299 bearish return remains a possibility, a quick turnaround within the $0.30-$0.31 range could bring bulls into the market. A move upwards could also propel bulls into targeting the next resistance point at $0.321. A successful move up to that point would enable the “Ethereum killer” to target the $0.379 level next.

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, both gained slightly, while other large-cap cryptocurrencies saw bigger gains, with 2.38 percent and 1.93 percent increases in price, respectively.

Cardano price analysis 1-day chart: ADA/USD consolidates around $0.31

The 24-hour Cardano price analysis shows that the cryptocurrency has stabilized well above the $0.3061 level, The market opened trading in bearish momentum at around $0.3131, but quickly recovered after hitting a high of $0.3148 which strong bullish pressure on the ADA/USD charts, as we could see further gains in the days ahead. The 24-hour trading volume for Cardano was about $90,434,216, which is higher than usual and indicates strong bullish sentiment in the market while the market cap is currently over $10.7 billion.

image 205
ADA/USD 1-day chart, source: Trading view

The 50-day and 100-day moving averages for Cardano prices continue to trend upwards, indicating a potential shift in the market’s direction. The Relative Strength Index (RSI) is at 38.03, which is indicating that bullish momentum will likely continue for a few more days. The MACD is also trending upwards, which is another bullish signal for the Cardano price momentum.

Cardano price analysis on a 4-hour chart: Bears and bulls battle for price control vigorously

The 4-hour chart Cardano price analysis shows the bears and the bulls have had a heated price control, with bears currently in control. Bulls could not hold the initiative at the beginning of the weekend, and most of the coins are back in the red zone. On the hourly chart, Cardano (ADA) has started the day with a false breakout of the local support level at $0.3120. However, the price has failed to break the resistance at $0.3134.

image 204
ADA/USD 4-hour price chart, Source: TradingView

The hourly moving average indicator is at 0.311, suggesting positive momentum for the cryptocurrency in the near future. Meanwhile, the MACD is heading making a bullish crossover, indicating the bulls might capture the market, with the histogram moving into positive territory. The RSI is at 44.64 and is also showing there is some increasing buying pressure for the Cardano coin.

Cardano price analysis conclusion

In conclusion, it looks like ADA/USD will likely experience some consolidation in the coming hours, but we can expect to see further gains in the days ahead as long as support at $0.3061 holds steady.

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 consultation with a qualified professional before making any investment decisions.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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