- Cardano price is expected to rise to $1.80
- The closest support level lies at $1.75
- Cardano price faces resistance at the $1.80 mark
Cardano price has finally gone past the $1.70 mark and strong bullish momentum has carried the price to challenge the $1.80 mark. Cardano price records an over 8.5 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 hours with most major cryptocurrencies recording profits across the timeframe. Major Players include Dogecoin, and BNB that record an 18.2 and a 14.84percent increase respectively. Meanwhile BTC and ETH record a 4.32 and a 6.07 percent hike respectively.
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 decreased significantly as the price has seen a steady decline and is currently just above the 0.45 mark. While 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 10 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 closer to the upper limit rather than the band’s mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a very strong buy signal with 16 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, zero 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 strong buy signal with 15 of the 26 indicators suggesting a bullish movement against only two 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 $1.80 mark but the market shows strong bullish sentiment .the short term technical indicators support the bulls while the midterm technical indicator shows potential for sharp upward movement. As such traders should expect the price to break above $2.00 mark. Traders can expect an upward breakthrough to the $2.40 mark 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.