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Cardano price analysis: Cardano ready to challenge the $1.60 mark again

TL;DR Breakdown

  • Cardano price is expected to rise to $1.60
  • The closest support level is at $1.50
  • Cardano price faces resistance at the $1.60 mark

After a sudden fall to below $1.45 yesterday Cardano price has started its recovery and strong bullish momentum has carried the price to over $1.54.Cardano price records an over 6 percent price hike across the last 24 hours showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 2.7and a 1.12 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 3.26 and a 1.30 percent hike.

Technical indicators for ADA/USDT

Technical indicators for ADA/USDT by Trading view

Across the technical indicators, the MACD exhibits a declining bearish momentum as observed in the decreasing size of the light red histogram. It has remained bearish for the past 2 days however the indicator has steadily climbed back up to the 0.047 mark. Across the EMAs, the 26-EMAis still trading above the 12-EMA however the difference between the two is starting to shrink and they may show a reversal sometime soon.

The RSI is currently trading in the neutral zone a little below the 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday after finally breaking out of the oversold region. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks at the end. The bands’ expansion suggests an increase in volatility for the Cardano price as it continues to steadily increase. Meanwhile, as the price is consolidating below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing .

What to expect from Cardano price?

4 hour price chart by Trading view

Cardano price is currently facing resistance at $1.60 mark but the market shows strong bullish sentiment .the short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above$1.60 mark soon . Traders can even expect an upward breakthrough where cardano might be able to challenge the $1.80 mark again if the current momentum continues.

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.

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