TL;DR Breakdown
- Cardano price expected to break above $0.900 heading to $0.9500
- ADA faces resistance in crossing above the $0.900 mark, and further above at $0.920
- The closest support level lies at $0.850, then at $0.820 and $0.800 respectively
Cardano price is struggling to climb above the $0.900 mark after being rejected from the $1.000 mark. Currently, ADA is trading at $0.8690 and observing wave-like activity as the price oscillates around the $0.8600 mark.Â
Cardano price enjoyed a strong bull rally in February as the price quickly climbed from the $0.3500 price level rising to the $0.600 within seven days. The bull rally continued until the 11th of February when the price reached a high of $0.98200 before stopping. The price action did not climb above the level and retraced to the $0.800 support level.Â
Since then, Cardano price is facing strong resistance in crossing above the $0.900 mark with ADA trading below the price level until today.
The broader cryptocurrency market observes a bullish net sentiment as most major cryptocurrencies record an increase in their price. These include Bitcoin, Ethereum, and Polkadot that record a price increase of 4.2, 2.33, and 1.04 percent respectively.
Technical indicators
Across the technical indicators, the MACD shows declining bearish momentum as observed in the decreasing size of the red histogram. The two EMAs are trading low as the price volatility remains low. However, in recent hours, the 12-EMA is catching up to the 26-EMA but the gradient remains low suggesting low bullish momentum.
The RSI is neutral and trades close to the 50.00 mark suggesting low momentum towards either side. The indicator is almost neutral at press time suggesting low pressure from either side. However, the neutral position of the indicator leaves room for sharp price movement in either direction.
The Bollinger bands are currently narrow and show further convergence as the price trades near the indicator’s mean line. The indicator shows low volatility in the short term with a potential spike in either direction.Â
Overall, the four-hour technical analysis issues a ‘buy’ signal of reasonable strength with 13 of the 26 major technical indicators suggesting a positive price action across the timeframe. On the other hand, only five indicators suggest a bearish pullback while the remaining eight indicators do not issue any signals supporting either side.
The 24-hour technical analysis accentuates this sentiment and issues a strong buy signal with 15 indicators supporting an upwards price movement against two suggesting a retracement below. Meanwhile, nine indicators remain neutral and do not issue any signals.
What to expect from Cardano price?
Traders should expect Cardano price to rise to challenge the $0.900 resistance level once again. The supportive technical analyses and the relatively high trading volume suggests a bullish breakout from the level causing the price to rise to the $1.00 level. However, the price has to cross the $0.950 resistance level to reach the level.
Conversely, if Cardano price falls below the $0.800 support level price may fall to the $0.7500 support level. Further downwards movement may mean a crash below the $0.700 mark.
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.
