TL;DR Breakdown
- Cardano price at $0.18 currently
- Price bullsih as byers recover ADA to 0.1800
- ADA to retest 0.1900 before climbing to 0.2000
Cardano (ADA) price fell to the $0.1700 price level and is currently on the rise once again. The price volatility is currently low and is expected to increase significantly in the next few days.
The broader cryptocurrency market is enjoying strong bullish sentiment as most major cryptocurrencies record gains across the 7-day period, with many assets recording profits in double digits across the timeframe.
Cardano price across the last ten days
Cardano price opened on December 23 with a strong bearish momentum that caused ADA to fall to the support level at $0.1300. Cardano price bottomed out at the level as the bulls managed to create a V-shaped recovery to the $0.1600 price level. The price climbed above the $0.16500 level before the bulls stopped.
Subsequently, the price observed a correction at the level and consolidated at the level until December 28. On December 28, Cardano price turned sharply bullish as ADA crossed above the $0.1600 level, with the price reaching $0.16720 by day’s end. The bullish momentum continued the next day, with ADA rising to the $0.1900 level before falling back.
Between December 30 and December 2, ADA traded with a declining upper limit as bears dominated the markets. The wave-like bearish activity caused the price to fall to the $0.1700 level before the buyers could defend a foothold.
Today, the price has climbed above the trend line, with bullish momentum enabling ADA to climb above the $0.1800 level.
Technical indicators
Across the technical indicators, the MACD shows declining bearish momentum as the two EMAs converge rapidly. If ADA closes the day above the $0.1800 level, the indicator will show a complete bullish reversal across the 4-hour frames.
The RSI is trading neutral, hovering below the 60.00 level, showing room for movements in either direction. The RSI is currently rising with a steady slope showing that the upward movement will continue for the next few candles.
The Bollinger Bands are currently in a squeeze but will expand if ADA closes above the $0.1850 level. If that happens, Cardano price volatility can be expected to rise significantly.
Traders should expect Cardano price to rise to the $0.1900 resistance level. The strong bullish activity suggests that ADA will break above the resistance level, climbing towards the $0.200 level.
Cardano price across the weekly charts
Across the 1-week frames, we can observe that ADA has finally broken out of its month-long consolidation around the $0.1600 mark. The RSI is still under the 70.00 mark showing that there is room for further upwards movement before the price corrects.
The MACD is showing increasing bullish momentum, and the Bollinger Bands are currently expanding to facilitate the bullish rally.
Traders should expect ADA to initiate a bullish rally to the 0.2200 level with resistance at the 0.200 level across the weekly frames.
