- Cardano price expected to rise to test $1.35 mark before rising to $1.40.
- The closest support level lies at $1.30 and further below at $1.20.
- ADA faces resistance in crossing above the $1.325 mark.
Cardano price has finally broken above the $1.30 mark after consolidation for the past 10 days. The price spiked in the last few hours and broke above the $13.20 mark as ADA seems to be heading to challenge the $13.50 price level next.
The broader cryptocurrency market observes a bullish movement across the last 24 hours, with most major cryptocurrencies recording gains in their prices across the period. While Bitcoin and Ethereum made slight moves with a 0.99 and a 1.54 percent hike, respectively, XRP recorded a 40 percent rise as the price broke above the $0.950 mark.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD has been relatively inactive for the last few days as the Cardano price oscillated around the $1.20 mark. However, the MACD has now become bullish, with the 12-EMA overtaking the 26-EMA and suggesting further divergence as the price continues rising above the $1.30 mark.
The RSI is currently trading inside the overbought region, issuing a sell signal as the indicator trades above the 70.00 mark. The indicator was trading close to the 50.00 mark until recent hours but now shows a spike into the overbought region suggesting a correction is required for healthy price action.
The Bollinger Bands are currently narrow but show expansion as the price breaks out of the consolidation channel. The bands are currently expanding in both direction, but continued movement above the $1.30 mark would cause the indicator to lean towards the upwards direction. Currently, the indicator suggests an increase in Cardano price volatility across the short term.
Overall, the 4-hour technical analysis issues a buy signal with 14 of the 26 major technical indicators showing support for an upwards price movement across the timeframe. On the other hand, only two indicators issue signals to support a downwards price movement, while the remaining 10 indicators do not issue any signals supporting either side at the time of writing.
The 24-hour technical analysis accentuates this sentiment and issues a “strong-buy” signal with 15 technical indicators suggesting a bullish movement for the Cardano price against only one indicator suggesting a bearish retracement. Meanwhile, 10 indicators sit on the fence and do not issue any signals suggesting support for either side of the market.
What to expect from Cardano price?
Traders should expect Cardano price to rise to the $1.35 mark before breaking upwards to reach $1.40. The positive technical analyses and the supportive indicators suggest that a bullish breakout is likely. The trade volume has also increased significantly and would increase further in the short term as the consolidation ends.
Conversely, if the Cardano price fails in breaking above the $1.35 mark, ADA can be expected to return to the $1.20 mark and continue consolidating. A drop to the $1.10 mark would enable the price action to find strong support and momentum for a strong bullish rally.
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/or consultation with a qualified professional before making any investment decisions.