Cardano price analysis has remained quite bullish today as we saw its price reached a peak of $0.3531 after closing at $0.3323 yesterday. It remained consistently bullish for the second day today, which begs for the question, has Cardano reached a new resistance level?
The crypto heat map shows us the overall state of the market right now. The market is quite strongly bearish since Bitcoin has undergone a 13.93 percent increase while Ethereum marked a 7.84 percent increase. We can see the entire market following this course with a very positive sentiment.
On the daily Cardano price analysis above, we can see that the price dipped slightly after reaching the day’s peak at $0.3531. So, is this the new resistance level for Cardano? For now, it is difficult to tell because this level needs to be tested a couple of times.
However, if we look at the MACD on the daily chart, a crossover is about to happen. This can shift the course of the market towards the negative direction. So, there is a high chance that $0.3531 is a new resistance level for Cardano.
Cardano 24-hour price movement
Exactly 24 hours ago, Cardano price analysis was closing at $0.3266. Its currently price is around the $0.34 mark, hence showing a noticeable increase. If we talk about the change in Cardano’s market cap, there has been an increase of 8.30 percent. The trading volume on the other hand, went up by 115 percent in the last 24 hours, bringing the 24-hour volume to market cap ratio at 0.0575.
4-hour Cardano price analysis: is the mini run for ADA/USD over?
The 4-hour Cardano price analysis is showing us how the market dipped slightly after touching $0.35. At this point, the RSI was around 70. Currently, the RSI is still above 65 suggesting that the market is overbought and hence, a correction is imminent. Based on this analysis, buying Cardano right now can be a risky move because there is a high chance that the mini run upwards is over.
Cardano price analysis: Conclusion
Cardano has dipped after reaching $0.35 and there is a chance that the mini run for ADA/USD is over. So, buying Cardano at this point can be a risky move because the market is getting ready for a correction in the next few hours based on the RSI indicator. For a long-term analysis, you may want to read our Cardano price prediction.