- 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 a 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.