- Cardano price expected to climb to $0.400.
- The nearest support level lies at $0.3500.
- ADA faces resistance in crossing the $0.3750 mark.
Cardano price is observing strong bullish momentum as the price climbs above the $0.3500 level testing the $0.3750 resistance level. ADA is climbing to new yearly highs as it climbs closer to the $0.400 mark.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours as most cryptocurrencies record a negative price movement across the period. Bitcoin, the king of cryptocurrencies, has returned to the $35,000 mark, while Ethereum has returned to the $1,200 price level.
Cardano price overview: Cardano price across the last ten days
While Cardano price had a slow start to 2021, the asset’s price action quickly gathered momentum as ADA turned bullish, rising above the $0.200 level. The strong buying momentum caused ADA to spike to the $0.3500 level before the bulls stopped. The sharp bullish momentum caused the price to observe a correction to the $0.2400 level before stabilizing.
Across the technical indicators, the MACD is bullish but shows a decreasing bullish momentum as the two EMAs begin converging. However, the EMAs are still far apart from each other and showing strong bullish pressure in the market.
After the recent rejection from the $0.3750 level, the RSI has returned to neutral and shows further downward movement. Currently, the indicator is at 61.75 and moving below, suggesting strong bearish pressure at the price level. The neutral position of the indicator suggests that ADA may observe high volatility in the short-term.
The Bollinger bands share this sentiment as the bands are currently expanding, suggesting increasing price volatility for ADA in the short term.
The four-hour technical analysis issues a strong buy signal as 17 of the 28 major technical indicators suggest a bullish price movement in the short term. On the other hand, only two indicators suggest a bearish price action while another nine remain neutral, not leaning towards either side.
The 24-hour technical analysis shares this sentiment as the analysis issues a buy signal with 18 indicators in favor of a positive price movement. Meanwhile, three indicators issue sell signals, whereas seven remain neutral.
What to expect from Cardano price?
Currently, ADA is facing strong bearish pressure and has crossed above the $0.3750 mark. However, the buyers are ensuring the price does not fall below the $0.3500 support level. As such, the price action has been stuck between the two price levels. The positive technical analysis and the increasing trade volume suggest that ADA would soon break above the $0.3750 mark.
Traders should expect the Cardano price to climb to the $0.400 mark as bulls dominate ADA price action. Conversely, if the Cardano price falls below the $0.3500 mark, ADA may fall to the $0.300 mark with potential downwards movement to the $0.2500 level.
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