Cardano Price Analysis: High Buying Volume Required For ADA Bulls

Cardano bounced back from the support of $1.06
  • Cardano price action accumulates on Saturday’s trading session
  • The 24-hour volume in ADA is at $6,037,834,060 with a 12.44% increase
  • The ADA/BTC pair was trading at 0.00002169 BTC with a gain of 1.01%

The 4-hour technical chart of Cardano price action forecasts a sideways trend. According to pivot points, ADA’s critical support level is placed at $1.01. Whereas if it moves up, the key resistance level to watch is $1.45. While diving into the weekly chart of a 4-hour time-frame, it completes an inverted hammer candlestick pattern representing bullish reversal with medium reliability.

SMA-21 & 50 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also sustaining above SMA-50. Investors may perceive a negative crossover in the SMA, and the price will also follow the negative direction.

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RSI indicator (BULLISH), with a value of 55.65, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 52 to 55 in the index, and it may soar in future trading sessions.

The volume of (600.197K) represents a low buying volume which is below the Volume MA (25.328M) of 20-days. High buying pressure is required in Cardano to drive its price to higher levels.

Cardano Price Action Projects Sideways Movement 

Cardano price traded at $1.19 with a gain of 5.50% in the last 24-hour and 5.58% down in the weekly time-frame. Furthermore, Cardano bounced back from the support of $1.06. In contrast, the market capitalization stands at $38 billion. Technically, investors can perceive a negative crossover in SMA, and the price is sustaining above the 50-SMA. RSI index showcases an upward slope. Moreover, the price movement can stay in the accumulation zone for future trading sessions.

Resistance: $1.45

Support: $1.01

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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