Cardano price analysis: ADA retests $1.31 resistance. Can bulls push through?
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TL;DR Breakdown
- Cardano price analysis is bullish.
- The next resistance for ADA is found at $1.36.
- Support is present at $1.25.
The Cardano price analysis is bullish today as after finding support at $1.20 yesterday, ADA bulls have taken the price further up to $1.30 today. ADA is retesting the resistance level present at $1.31. Previously ADA was rejected at this very same level on 16th December, and today a selling pressure is expected at this level, which is already showing its effects on the price function. If ADA breaks above the said resistance, then the next target will be $1.34.
ADA/USD 1-day price chart: ADA must break above $1.31 to continue further upside
The 1-day Cardano price analysis shows the bulls have covered an upwards range as the coin is trading at $1.30 at the time of writing. Overall the DA/USD traded in a range of $1.23 to $1.30 today. ADA reports an increase of 6.39 percent in value over the last 24 hours due to the continuous bullish momentum since yesterday, but it also reports a loss in price value by more than four percent over the past week. However, the trading volume has decreased by 18.89 percent today.
The volatility for ADA is high, and the Bollinger bands continue to travel downwards as the overall price trend line is still downwards. The upper band has come down to the $1.63 mark, and the lower band is at the $1.10 mark representing support. The mean average of the indicator is present at the $1.36 mark representing the resistance level for ADA.
As the price rallied upwards today, now it is trading above the moving average (MA), and the MA is preset at the $1.27 mark. The relative strength index (RSI) is on an upwards curve in the lower half of the neutral zone. The upwards curve of the indicator shows the buying activity in the market as it trades at index 41, the RSI has not visited the upper half section of the neutral zone since 11th November, so it is safe to say that today’s RSI score is comparatively better.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the coin corrected for half of the last trading session, and bulls rallied high at the start of today’s trading session as the price shot up from $1.24 to $1.29 during the first four hours. But recently, the price oscillation came to a halt almost as the resistance at $1.31 has started to show it,s pressure.
The building up of selling pressure is also confirmed from the RSI curve, which after shooting up steeply, is now turning horizontal, hinting at a slow down in the buying activity as the price nears the resistance level. The volatility is comparatively low on the 4-hour chart as the Bollinger bands are covering less area after converging on 16th December. The upper limit of the indicator at the $1.32 level represents resistance for ADA, and the mean average of the indicator at $1.25 shows support for the cryptocurrency.
Cardano price analysis conclusion
The Cardano price analysis suggests the coin is in bullish mode today as bulls have marched aggressively at the start of the trading session. Currently, ADA is retesting the resistance of $1.31, and there are imminent chances for bulls to make a push through. We expect ADA to continue upside today.
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.
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