- Cardano price expected to rise to $0.600.
- The closest support level lies at $0.525.
- ADA faces resistance in crossing above the $0.500 mark.
Cardano price has broken above the $0.500 mark, and the strong bullish momentum continues carrying the price above. Today the price action broke above the $0.550 mark as the bulls continue dominating the markets.
After ending January consolidating at the $0.350 mark, Cardano price started February with strong bullish momentum as the price quickly broke above the $0.400 mark towards the end of February 1. After briefly consolidating below the $0.450 mark, the bulls continued the rally raising the price above the $0.500 mark.
Currently, Cardano price is trading at the $0.550 price level but faces resistance in closing above the level.
The broader cryptocurrency market observes a mixed market sentiment across the last 24 hours as major cryptocurrencies are split between bullish and bearish price movements. While Bitcoin, Ethereum, and Cardano, record profits across the period, coins such as Chainlink and Polkadot observe a decline.
Across the technical indicators, the MACD is highly bullish but shows a declining bullish momentum as the price faces resistance at the $0.550 mark. Both EMAs are very high and continue rising, but the 26-EMA has been catching up to the 12-EMA in recent hours.
The RSI shows an overbought ADA as the indicator trades above the 70.00 mark. The indicator had risen to 82.58 earlier the day but now shows retracement. The indicator has retraced below 75.00 and may decline to the neutral zone if the price continues trading around the $0.550 mark.
The Bollinger bands were in a squeeze until yesterday but now show significant expansion. The indicator’s lower limit shows a slight incline while the upper limit is rising with a steep gradient. Currently, the price is trading near the upper limit of the indicator suggesting high bullish momentum in the markets.
Overall, the four-hour technical analysis issues a buy signal of reasonable strength as the analysis shows 15 indicators supporting an upwards price movement. On the other hand, only four indicators suggest a downwards price movement. The remaining seven indicators are neutral and do not issue any signals suggesting support for either side.
The 24-hour technical analysis accentuates this sentiment and issues a strong buy signal, with 17 indicators suggesting a positive price movement against three suggesting a bearish price action. Meanwhile, six indicators sit on the fence and do not issue support for either side.
What to expect from Cardano price?
Traders should expect Cardano price to observe sideways movement at the $0.550 mark before breaking out to the $0.600 price level. The supportive technical indicators and the rising trade volume suggest a bullish breakout from the price level.
Conversely, if Cardano price falls below the $0.525 support level, ADA may retrace to the $0.500 mark with potential downwards movement below the mark. However, that is unlikely given the bullish market sentiment.
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.