- Cardano price indicates signs of bullishness
- ADA/USD pair building momentum for an uptrend past $0.115
- Bulls aiming for $0.125
Cardano price general overview
Cardano price recently cleared past the critical resistance at $0.100, sparking off a robust bullish rally. The altcoin is expected to rise even higher towards $0.125 in the near future.
During September, the ADA/USD pair sparked off a fresh breakout from the $0.0755 lows. Afterward, the bulls managed to surge past both the resistance zones at $0.088 and $0.095 to settle in a bullish market.
After clearing those points, the breakout gained momentum, forming an ascending bullish trendline with a sell-off zone near $0.096. Furthermore, the ADA/USD pair also broke past the 50 percent Fib retracement levels of the sharp decline from $0.1280 swing high to $0.0755 swing low.
ADA/USD daily price recap
The Cardano price action opened the day trading near the $0.10927 price level after closing business yesterday near $0.10925. So far, the ADA/USD pair has ranged in between $0.10846 — $0.11140 and is currently trading at $0.10942 price level.
Cardano 4-hour price chart
Currently, the ADA/USD pair is consolidating above the ascending trendline just below the resistance near $0.115. The altcoin appeared to be edging towards a robust bullish breakout, depending on whether the bulls will clear the opposition to settle in a positive area.
After clearing the initial resistance near $0.112, the ADA/USD pair is now trading above the 100-day SMA with the immediate selling pressure at $0.115. The bulls are now attempting to turn the previous resistance into support to test the immediate selling pressure.
Cardano price prediction
The $0.1155 price level is crucial to the bulls as it also marks the 76 .4 percent Fib retracement level and bars a considerable downturn. This price level provided the earlier swing low from a high of $0.128 to $0.0755 lows.
If the bulls can sustain the bullish momentum, clearing the $0.155 price level paves the way for a rally towards $0.125. The next significant resistance level is located at the $0.128 price zone. A successful close above this price level lays the foundations for the buyers to test $0.135.
The daily MACD is reinforcing its bullish divergence, and the relative strength index (RSI) signals a bullish breakout.
On the contrary, Cardano price action will possibly maintain near $ $0.110. However, if the bears exert more pressure, the ADA/USD pair will most likely drop towards the $0.1075 support level. Any further decline will be met by a strong defensive block near the $0.102 price level. If the bears turn out victorious, a fall beyond the psychological $0.10 price level could turn out catastrophic, with bulls forced to retreat and defend themselves near the $0.08 price level.
Notably, there is a worrying trend regarding Cardano over the last two months. On July 30, the number of new ADA addresses reached a high of 25,000. However, since then, the number has been declining, and it is currently below 6,000.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.