https://ift.tt/3sC7huS price analysis: ADA eyes strong push towards $1.47 resistance

TL;DR Breakdown

• Cardano price dropped as low as $1.42 over the last 24 hours
• Trading volume lowered almost 6 percent to indicate market decline
• Price holds up above crucial EMAs and keeps testing $1.47 resistance

Cardano price analysis for the day shows the token undergoing a period of consolidation above the crucial 50-day exponential moving average (EMA). Price lowered around 1 percent on the day to sit at $1.45 at the time of writing, well above the support zone of $1.32 and the EMA at $1.37. The resistance point remains set at $1.47 as price continues to test it. The current trend shows mixed signals as dropping trading volume suggests of a declining market value, while price action over the past week indicates that there is enough momentum to acquire further momentum.

The larger cryptocurrency market endured a largely profitable day as major Altcoins recorded increments. Polkadot upped 8 percent to sit at $30.71, with Solana recording a 4 percent rise. Dogecoin also upped around 5 percent to sit at $0.192. Ethereum consolidated above the $4,000 mark while Bitcoin doing the same over $50,000 with minor increments.

ADA/USD 24-hour chart: RSI shows positive signs

On the 24-hour chart for Cardano price analysis, the 24 hour Relative Strength Index (RSI) shows encouraging signs with a healthy market valuation at 52.88. The Moving Average Convergence Divergence (MACD) curve also sits well above its neutral zone, just below the 0.00 mark, indicating that the current trend is valued in the market for further movement upwards. These healthy indicators would serve as encouraging signs for buyers to come into the market to push price towards resistance floor at $1.47.

ADA/USD 4-hour chart: Price set to break $1.47 resistance

The 4-hour chart for the ADA/USD trade pair shows that price is set to break the $1.47 resistance over the coming short-term trading sessions. The expectancy is buoyed by a strong RSI of 63.19 and consecutive upward jumps made over the past 4-hour trading sessions. Price has also just moved into the top half of the Bollinger bands’ curve, indicating strong movement north.

Cardano price analysis: Conclusion

According to majority technical indicators, ADA looks set to move upwards to reach the $1.47 resistance, where further consolidation is expected to take place towards the $1.60 mark. The daily and hourly RSI show healthy market valuation, with seemingly enough strength in the current trend to take price upwards, presenting an ideal buying opportunity for both short and long-term buyers.

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