Cardano Price Analysis: ADA/USD Gearing Up to Hit the $1.25 Mark
3 min readTL;DR Breakdown
- ADA/USD price went from $1.06 to $1.18 overnight.
- The overall Cardano price analysis is bullish today and in the next 24 hours.
- RSI and MACD in the 1-hour and 4-hour chart shows increasing bulls.
- If the patterns remain consistent, ADA/USD price may reach $1.25 tomorrow.
After breaking the support levels of $1.15 yesterday, Cardano price fell got close to $1. However, the Cardano price analysis today shows that the market became bullish overnight. Over the next 24 hours, the price could reach $2.
Today, the cryptocurrency market is highly bullish with all coins gaining a significant push. A 7.36 percent increase is reported in BTC’s price. On the other hand, ETH increased by 9.76%. LTC, DOGE, and XRP have also gained 16.09, 10.02, and 5.34 percent, respectively. Most of the other altcoins also share a similar sentiment.
The Cardano price analysis 1-Day chart reveals an interesting pattern. After a bearish movement for two days in a row, the price of ADA/USD has increased significantly today. However, the MACD shows that significant resistance is building up to counter it.
Cardano 24-hour price movement
In the last 24 hours, Cardano has pushed beyond its previous resistance levels and the price continues to increase. Overall, ADA/USD price has increased from $1.06 to $1.18. While this might look like a small increase, it is a significant jump after the recent dips.
At the same time, ADA/USD currently has a market cap of $36.623 billion and a market dominance of 2.84 percent, hence standing on the 5th rank.
The RSI levels in our 1-hour graph are well above 70 and almost touched the 75 levels. Overall, the ADA/USD market is quite overvalued right now. The MACD chart in our Cardano price analysis reveals a highly bullish market. So, a further increase will be seen overnight with a high chance of hitting $1.25.
In the 17th hour, a small dip was noted in the price. However, the overall prospects for Cardano seem good in the next 24 hours before the tables turn again.
ADA/USD 4-Hour chart – Could Cardano reach $1.25 overnight?
This chart shows a much bigger picture. Regardless of the small periods of increased resistance, the market stayed bullish for 24 hours.
RSI levels are now touching 56.13 with a higher slope. ADA is currently headed to a further rise. Provided that the patterns remain consistent over the new few hours, the Cardano price analysis projects ADA/USD is likely to reach $1.25 overnight.
However, the 4-hour chart also shows high volatility. At any moment, the bulls are headed towards exhaustion, and the resistance will drive the market lower. However, the MACD indicator reflects high promises for further increase, at least for now.
Cardano Price Analysis: Conclusion
Based on the trends, the price of Cardano will increase further before falling back as resistance slowly takes over. Currently, it is hovering around the previous support levels of $1.15. The market status will further be revealed as time passes.
While you wait for the Cardano price to increase, consider checking out our guide on BTC fees and BTC transactions.
