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- 1 Cardano price exhibits bullish momentum, is trading above major moving averages.
- 2 Buyers are actively pushing the price towards $0.7000 mark.
Crypto ADA is trading in bullish territory above major moving averages, highlighting bullish momentum. On the daily chart, the Cardano cryptocurrency is moving higher and staying above the 50-day EMA.
The price action suggests that the cryptocurrency is poised for a significant uptrend with a potential price increase in the coming sessions. Buyers are working hard to maintain bullish momentum and show confidence in the cryptocurrency’s upward direction.
In recent trading sessions, buyers have demonstrated their strength. They also continued buying and accumulating, extending the upward trend.
Cardano cryptocurrency indicates increased buyer activity in the market. Moreover, the price action is still making higher highs and higher lows on the chart, indicating that the cryptocurrency is bullish and has no intention of slowing down.
The structure of the chart shows that buyers are driving the trend and the cryptocurrency is gradually approaching the $0.7000 mark, which it is likely to reach soon. Additionally, sellers have found themselves in a defensive position after breaking multiple resistance levels above $0.3700 with significant vertical gains over the last few trading sessions. Investors are showing strong intent to continue this upward trend.
At the time of publication, the Cardano cryptocurrency was trading at $0.6240 with an intraday increase of 14.31%, showing an optimistic mood on the chart. It also has a trading volume of $2.696 Billion and a market capitalization of $22.114 Billion.
Technical Analysis of Cardano Crypto Price in 1-D Time Frame
Cardano (USD: ADA) is currently trading above its 50-day and 200-day simple moving averages (SMA). The current RSI value is 89.59 points. The 14 SMA is above the center line at 66.76 points, confirming the bullish nature of the trend.
The MACD line at 0.450 and the signal line at 0.250 are above the zero line. A bullish crossover is visible on the MACD chart which indicates weak momentum in the price of the ADA cryptocurrency.
Summary
Cardano bulls are in control, driving the price higher and aiming for the $0.7000 target. Investors appear confident in the upward trend, evidenced by strong buying pressure and increasing trading volume. While some technical indicators suggest overbought conditions, the overall picture remains bullish. Cardano could gain further in the coming sessions.
Technical Levels
Support Levels: $0.4313 and $0.3767
Resistance Levels: $0.7000 and $0.8000
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
