Saturday, June 10, 2023

Cardano Surges to 6%


Cardano appears to be on the rise on its charts at the time of writing. Yesterday, ADA broke through the $1.10 barrier and is now trading at $1.20.

For ADA, the $1.10 mark has been as a long-standing resistance level. In the future trading sessions, a break over the aforementioned level might send ADA past the $1.20 barrier.

The market’s bullish force appears to have pushed Cardano prices up dramatically. The price of ADA has risen by 6% in the last 24 hours. If the bulls can keep trading above $1.20, they will be able to break over the immediate resistance of $1.28. Cardano might strive for $1.41 if he breaks above the $1.28 mark.

Price Analysis

For the past few weeks, Cardano has been trading in a narrow range between $0.90 and $1. The recent market-wide price rise has pushed ADA to go northward.

At the time of publication, ADA was trading at $1.20, with the $1.28 breakpoint in sight. The nearest support level was $1.16, and if it fell below that, ADA would go for $1.10.

If ADA can maintain its present price trend, it may be able to reach $1.41 in the near future. The coin’s technical prognosis is quite optimistic. Bulls were dominant on the four-hour chart, indicating that purchasing strength appears to be significant.

ADA has gained 14.7 percent in the last week after displaying a Golden Cross. When the 20-SMA line crosses over the 50-SMA line, a Golden Cross occurs, indicating that the reading is bullish. Cardano’s price was spotted above the 20-SMA, indicating that buyers were in control of the market’s price momentum.

Rationale and Indicators

Cardano has a positive leaning based on technical indicators. The buying pressure came first, followed by the selling pressure. The Relative Strength Index was also above 75, indicating that it was overvalued and overbought.

The MACD indicator usually indicates the market’s current trend. At the time of writing, the indicator has completed a bullish crossover, resulting in green histograms. Investors saw the green histograms enlarge, implying that ADA’s bullish outlook would be maintained in the coming trading sessions.

Because investors overbought the asset, a price drop is possible. In other words, if buyers continue to outweigh sellers, prices may fall. If this happens, the following trading levels for ADA will be $1.16, $1.10, and finally $1.

The bulls ruled the market in the last few days, as trading volume closed in the green. Trading volume, on the other hand, flashed a red bar yesterday, indicating the onset of modest bearishness. Cardano last traded at its current price level on January 24th, marking a multi-week high for the altcoin.

Louis Honsa
Louis Honsa
Louis Honsa is an independent writer for Cryptoconstellation. He is a data analyst and trades NFT’s too. Louis enjoys cycling and working out in his free time.

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