Cardano bullish on chart. Market movers picked-up optimistic price movements, and so did ADA. In the last 24hrs, the coin rose by close to 6%. In the previous week, ADA saw a 12% increase. In the last few days the coin trades between $0.46 and $0.51.
Cardano’s price has stabilized at $0.51. Bitcoin and Ethereum both saw double-digit increases in value over the week. The technical analysis of ADA indicated bullishness. However, it is important that the coin move past $0.51’s rigid resistance.
Cardano could see an additional 6% increase if the price rises above $0.51. Despite the fact that buying strength has increased over the last few trading sessions buyers will be able to exit the market if ADA remains at its current price. On the 4-hour chart, there was a small drop in buying power.
Cardano Price Analysis: Four Hour Chart
On the 4-hour chart, ADA traded at $0.51. The coin has been facing considerable resistance at the $0.51 mark and it hasn’t been able to move past it despite daily gains. The coin’s next price limit was $0.53. If ADA trades above this level, the bulls may stay put for long.
ADA could trade at $0.48 if it falls from its current price. Cardano showed bullishness. It formed an ascending triangle in accordance with that. It has been trading at a low volume, which indicates that buyers are less pressure to buy the coins.
Technical Analysis
ADA observed an ascending triangle. However, it did not observe a drop in market participants. If there is continued fall in buying strength then the altcoin’s price can soon walk on a bearish trajectory.
However, the Relative Strength Index was above the 50% mark, which indicates increased buying power. There was however a slight downturn.
Cardano was up despite this downturn. It was well above the 20 SMA, which indicated that the market was thriving and there was strong buying.
Why Pain May Not Be Over For Bitcoin Holders Just Yet| Why Pain May Not Be Over For Bitcoin Holders Just Yet
ADA’s buying strength fell but the coin displayed a buy signal. The Awesome Oscillator shows the trend and price direction of the coin.
AO showed green histograms that can be interpreted as a buying signal for the coin.
Directional Movement Index shows the direction and change of altcoin’s price. The DMI index was positive because the +DI crossed above the line that indicated bullishness.
Recommended Reading: Sandbox (SAND), Up 20% in 24 Hours After ‘Takeover Rumors| Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors
Featured image by Unsplash.com. Chart source: TradingView.com