Cardano price analysis:Cardano price ready to challenge the $1.60 mark
3 min readTL;DR breakdown
- Cardano price is expected to rise to $1.60
- The closest support level is at $1.57
- Cardano price is facing resistance at the $1.60 mark
Cardano price has finally gone past the $1.50 mark and strong bullish momentum has carried the price to challenge the $1.60 mark. Cardano price records an over 8 percent price hike across the last seven days 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 days with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 0.47 and a 3.12 percent increase respectively. Meanwhile BTC and ETH record a 2.27 and a 4.71 percent hike.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has started to decrease as the price is now struggling to climb back above the 0.015 mark. Across the EMA, the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time
The RSI is currently trading in the neutral zone a little below the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 3 days. 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. The bands’ expansion suggests an increase in volatility for the Cardano price. Meanwhile, as the price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 11 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. 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 buy signal with 10 of the 26 indicators suggesting a bullish movement against only seven indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Cardano price?
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. Traders can expect an upward breakthrough above the $1.80 mark as-well if the current momentum continues
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