- Cardano price analysis suggests downward movement to $0.2650
- The closest support level lies at $0.2650
- ADA faces resistance at the $0.2700 mark
The Cardano price analysis shows that the ADA price action has broken above the $0.2650 mark as the price approaches the $0.2700 level.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements with low volatility. Major players include NEAR and ETC, recording an 18.05 percent and a 17.35 percent incline, respectively.
Cardano price analysis: ADA breaks above $0.2650
The MACD is currently bullish, as expressed in the green colour of the histogram. Moreover, the indicator shows high bullish momentum as observed in the tall height of the indicator. On the other hand, the lighter shade of the histogram suggests a decreasing bullish momentum as the price breaks above the $0.2650 mark.
The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. Moreover, the two EMAs are far from each other showing high momentum on either side of the market. At the same time, the converging EMAs suggest a decrease of buying activity in the markets.
The RSI briefly has been trading in the neutral region for the past ten days showing low volatility in the markets. Currently, the index is trading at the 73.26 unit level with a steady downward slope. The indicator issues a sell signal suggesting bearish pressure at the time.
The Bollinger Bands are currently wide and show further divergence as the price breaks above the indicator’s above limit suggesting increasing price volatility. At press time, the indicator’s bottom line provides support at $0.2429 mark while the upper limit presents a resistance level at the $0.2685 mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a buy signal, with 13 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing a strong bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis does not share this sentiment but instead shows a neutral sentiment with 8 indicators on either side of the market and 10 indicators sitting on the fence. The analysis shows a shift from the bearish momentum that had Cardano price action in its clutches until just a few days ago. Now the daily charts are moving towards bullish support.
What to expect from Cardano price analysis?
The Cardano price analysis shows that after falling to the $0.2400 mark. The price swiftly recovered to the $0.2550 mark but got rejected at the level as the price fell back to the $0.2500 mark. After that, the bulls pushed strongly to get the price above the $0.2650 mark where it currently trades.
Traders should expect ADA to move downwards to the $0.2650 mark as the price action observes a correction for the steep bullish movement. However, further downward movement is unlikely given the bullish short-term indicators and the mid-term technical analyses.