Cardano, ADA has been one the biggest gainers within the last 24hrs. On the daily chart, price of asset has indicated a bullish move. Bulls are back on their feet and have moved past resistance.
The $0.60 mark is the main resistance for the currency. The bulls will gain strength if the coin trades above this price level in the next trading session.
If ADA does not cross the $0.64 critical resistance level, the coin could again drop to the $0.50 support area. Bitcoin has moved past $30,000 in price, so it’s natural for other altcoins to have reflected the same price movement.
Today’s global cryptocurrency market was worth $1.33 Trillion. 3.8%In the last 24hrs, there has been positive change.
Cardano Price Analysis: One Day Chart
After registering more than 8% gains over the past 24 hours, ADA traded hands at $0.60. At $0.64, the crucial resistance was expected. Cardano could fall below $0.60 to $0.50. The coin has seen double-digit gains in the past week.
This market saw an average 27% price appreciation. Buyers seem to be returning to the market after positive price actions. Bulls will continue to be energized by consistent buying power.
In the previous trading session, volume bars indicated growth. The bar was green which indicated that ADA’s bullish leg was possibly back.
Technical Analysis
In the last few days, there has been a significant uptake in buying power. As of the writing time, there was a positive buying trend. Relative strength index was above half-line, which indicates that sellers outnumber buyers in the market.
The price for ADA was above the 20 SMA line. This means that the current price momentum on the market was being driven by buyers.
If the coin is in demand, it may be possible that ADA crosses the 50-SMA level. A price above 50 SMA is bullish.
Cardano At $0.56, Here Are The Crucial Trading Levels For The Coin| Cardano At $0.56, Here Are The Crucial Trading Levels For The Coin
Bollinger Bands are indicators of the expected price volatility. These bands indicated a market squeeze, which could indicate a drop in volatility. Cardano’s volatility will fall, which means that Cardano’s price fluctuations may be lower.
Parabolic SAR is used to determine the trend in price and possible price reversals. Parabolic SAR’s dotted lines are seen below the price candles at the time of writing. As the price rose, the dotted line gathered beneath it and signaled a bullish trend of ADA.
Cardano must trade at least $0.64 above its price ceiling in order to keep the bullish stance. This would allow Cardano’s bullish pricing action to continue.
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