Cardano price analysis: ADA faces massive resistance at $1.38
3 min readTL;DR Breakdown
- Cardano price analysis graph shows resistance at $1.378 level.
- Rise in price happened today as the chart indicates.
- massive buyer support is found at the 1.138 point.
The latest Cardano price analysis charts show a bullish momentum striving to reach beyond the resistance present at the $1.37 mark. In the past hours, the bears have tried to overpower the market but failed, as the recent chart is in support of Cardano.
There is a green candlestick apparent in the most recent chart, and the ADA/USD price is going towards the bullish side as per current Cardano price analysis. As it can be observed, the bulls are fighting to reach a new level of resistance even above the $1.26 step.
ADA/USD 4-hour chart: Buyers emerge to push volumes higher
The up to date Cardano price chart reveals that the market trends are under the bullish uphold at present. Meanwhile, the Bollinger’s band is at the average position and resistance amount of $1.36 if we examine the 4-hour chart in Cardano price analysis.
If we go further in Cardano price analysis, we can see that the moving average indicates a resistance level of $1.37 specifically. The opposite margins of the Bollinger’s bands are at the following levels as related here. The top margin is at $1.40 point, while the bottom margin is settled at $1.32 point at the time of writing.
The Relative Strength Index (RSI) holds vital importance by informing us about the upcoming trends. The RSI number in the 4-hour Cardano price analysis price chart is 59.52, quite close to the overbought score. There is a future possibility that the Cardano price may go across 70 and achieve a high win.
Cardano price 1-day chart shows bullish signal
Cardano price candlestick chart is showing bullish strength from the previous three days, coming in support of the cryptocurrency. If we look closely at the resistance reflected by Bollinger’s band, it is found at $1.39. The upper extreme of the Bollinger’s bands is at $1.44, whilst the other one is fixed at $1.08. Now, the volatility observed from the candlestick chart is increasing, which may be advantageous for bulls in the coming time.
From the one-day price chart, it can be inferred that RSI points are 63.64, which is quite encouraging for the ADA/USD price. We may assume a sudden rise in the price and the improvement in RSI score, making it over 70. Furthermore, the moving average points are $1.34, with a great value of resistance.
From the total number of technical indicators, i.e. 26, 13 stand at the buying state, six at the selling state, and seven maintain the neutral place. This means that the market is being approached by buyers, which is a relatively good sign for ADA/USD price.
The moving average indicators show two indicators at sell, 12 at buy, while one is at a neutral state. Moving further, four oscillators are at the selling position, six at the neutral place, while one is standing at a buying status.
Overall, the score is going in the way of buyers, and a bullish uptrend can be predicted. There are more buyers as compared to the sellers, and the numbers are growing rapidly. This might be the cause behind the high score of RSI, as more bullish trends are hitting the market and bringing an upgrade in the Cardano market value.
Cardano price analysis conclusion: Will ADA break past $1.50?
To summarise the analysis above, we can say that the bulls are trying to take the price value above the $1.39 of resistance. The RSI score is also proving itself to be bullish, as the statistics are updating us. The cryptocurrency maintains a support level of $1.08, and there is a high probability that it may retain it. In that case, the trend lines will move further towards the bullish part. But if there is an even lower support level, then the market can go through a bearish trend.
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