Cardano is trading at $0.50. The asset’s price has been consolidating in the last few days. ADA continues to struggle below the resistance. The bears have stopped the coin from flashing a breakout a couple times.
Cardano is currently trading sideways so it’s possible for a breakout to occur. As the purchasing strength began to improve on the chart, the technical outlook for ADA started to change.
Cardano’s price has seen a slight decline in the past 24 hours. ADA’s market value has fallen 2% over the past week. The support levels currently range between $0.50 to $0.45.
Price had been making higher highs, and lower lows before it began to fall over the last 2 days. The technical outlook is positive and the price could regain the momentum it had previously.
ADA is dependent on buying power at the moment. ADA will drop to $0.45 if it falls below the current trading level. This would indicate that bears are back in control.
Cardano Price Analysis: Four Hour Chart
At the time this article was written, ADA traded at $0.51. The Cardano price struggled below the $0.55 resistance. Cardano’s price had formed a similar pattern previously, where it fell below the $0.45 mark and shot up above the $0.55 price level.
If ADA loses momentum, it may rally once again. The $0.62 resistance level was also in place. Cardano could reach $0.38 if it fails to maintain the $0.45 resistance. The amount of ADA that was traded was green. This meant that buyers strength increased on the chart.
Technical Analysis
ADA’s technical outlook started to turn positive over the last 24 hours. As the price of the coin attempted to rise on its chart, buyers began to come into the market. As the indicator was above the half line, the Relative Strength Index was positive.
This indicated that the buying power was greater than the selling power on the hourly chart. Cardano prices remained above 20-SMA due to increased demand. This was because buyers drove the market’s price momentum.
In a short time frame, altcoin displayed mixed signals. ADA flashed a sell signal but also the buying momentum hasn’t faded out yet. On its half-line, the Awesome Oscillator displayed red histograms. AO is the price momentum as well as changes.
Red signal bars indicate sell signals on the hourly chart.
Also, the Moving Average Convergence divergence shows trends reversals as well as momentum. MACD experienced a bullish crossover, and MACD continued to create green histograms that are buy signals for ADA.
MACD histograms began to fade which indicated bearishness. Cardano must break through its price ceiling in order to sell. It’s important for buyers that they remain positive on the chart.