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Cardano price rose to the $1.20 price level yesterday but failed to cross above the resistance level. The following rejection caused ADA to fall to the $1.0500 mark before the price action found support to stabilize. Since then, the price has recovered to the $1.50 mark where it currently trades. However, the price faces resistance in crossing above the level.
The broader cryptocurrency market observes a mixed sentiment over the last 24 hours as most major cryptocurrencies are split between bullish and bearish movement. However, almost none of the major cryptocurrencies record a double-digit movement. The market remains firmly bullish across the seven-day period, with most cryptocurrencies recording double-digit gains.
Across the technical indicators, the MACD is bullish but shows a declining bullish momentum, as observed in the decreasing size of the histogram. Both EMAs are inclined upwards, but the 26-EMA is catching up to the 12-EMA as Cardano price consolidates near the $1.1350 mark. Currently, while the indicator suggests a declining bullish pressure, the buyers still dominate the markets.
The RSI is overbought but hangs close to the 70.00 mark issuing a sell signal. However, the signal is weak as the indicator trades below the 75.00 mark. Currently, the indicator is inclined upwards, suggesting buyer pressure at the price level. However, the price action faces resistance at the $1.15 price level.
The Bollinger bands were narrow until yesterday but now show significant expansion as the price action pushes against the indicator’s upper limit. Similarly, the indicator’s lower limit has also started to rise as the price maintains support above the bands’ mean line. Currently, the indicator suggests high volatility for the Cardano price.
Overall, the four-hour technical analysis issues a buy signal of reasonable strength as 15 of the 26 major technical indicators suggest a bullish breakout. On the other hand, only one indicator suggests a bearish retracement from the current price level. Meanwhile, ten indicators remain neutral and do not support either side.
The 24-hour technical analysis accentuates this sentiment and issues a “strong-buy” signal with 16 indicators suggesting an upwards movement against one suggesting a retracement across the timeframe. Meanwhile, nine indicators sit on the fence and issue no signals supporting either side.
Traders should expect Cardano price to rise to break above the $1.150 price level as the price rises to the $1.20 mark. The supportive technical analyses and the increasing trade volume suggests a bullish breakout from the level sending ADA to the $1.25 resistance level. If the trend continues ADA should climb to the $1.50 mark by middle of next week.
However, the price may face strong resistance at the $1.20 level causing it to stagnate at the level. The correction may cause it to consolidate between the $1.10 and the $1.20 mark. Further downwards movement may mean a fall to the $1.00 psychological support level.
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.
Source: Crypto Politan
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