https://ift.tt/ROYuaAe price analysis: ADA/USD consolidates at $1.050

TL;DR Breakdown

• Price has recovered up to $1.034.
• Cardano price analysis is bullish today.
• ADA/USD is currently trading at $10.48.

The Cardano price analysis predicts a rising trend for cryptocurrency now. Although the price was previously hampered by bearish resistance, the bulls could push it over $1.034 in the previous 24 hours. The green candlestick indicates that when buying momentum picks up, so does the coin’s value. The hourly forecast has broken the downtrend to show an uptrend.

The price is currently trading at $1.047, with a 2% increase in value, according to CoinMarketCap.

The hourly chart for ADA/USD shows that the downtrend has been broken. The price is trading above the 100 and 200-hour moving averages [MA].

This confirms a strong uptrend. The major support for Cardano rests at $1, which is a key indicator for positive growth in the short term.

The resistance level is at $1.068, which shows that the bulls might be in for a tough fight. However, if ADA/USD breaks past $1.068, it will show that the resistance is not strong and will open doors for more growth soon.

ADA/USD price movememnt in the last 24 hours: ADA/USD pair on another surge?

ADA/USD has broken past $1.034, which means the bullish momentum is likely to continue into the near future.

The 100 and 200-hour simple moving averages [MA] have crossed paths at a point of intersection, which indicates that buying pressure might be slowing down for the time being. For ADA/USD to maintain an uptrend, it should stay above $1.032. The price reached a high of $1.074 but could not break past it, meaning resistance from here on out will probably get stronger with each try.

The volatility is relatively increasing, which means that trading volume is still low across the board. This might not be enough for cryptocurrency to maintain an uptrend. If there isn’t any significant trading volume soon, ADA/USD may trend sideways again before it starts trading with a bullish pattern to the upside.

As long as Cardano stays above $1, it’s likely going to see a positive increase in value by the end of this month. There has been a significant retracement from $1.417, but ADA/USD broke past resistance at $0.832 and went up from there.

Cardano price analysis: Coin value bounces back to $1.035 after sudden recovery

The 4-hour chart shows that ADA/USD is trading near the 100 and 200 hourly moving averages [MA], which are also converging to the point of intersection. The bullish uptrend can be seen at the beginning of the candlestick, which was formed when it broke past the bearish resistance around $1.048.

The 4-hour chart shows that prices are trading below all three exponential moving averages [EMAs]. However, this does not indicate a bearish trend since it’s merely a sideways movement. This shows a strong bullish trend as a green candlestick at the bottom indicates demand has overwhelmed supply, and prices have risen substantially from this level.

The MACD coefficient has risen above zero level but needs further confirmation to show strong bullish momentum.

The ADA/USD hourly chart shows potential growth with price trading in the middle of a falling wedge formation. The hourly charts for ADA/USD show the coin is trading in the middle of a falling wedge formation. The upper resistance level has been tested 3 times, and it seems that if prices break past this level, then there will be a significant rise in price going into next week.

The 100 and 200-hour simple moving averages [MA] have crossed paths to point out a descending triangle pattern forming. This is a bearish indicator but only until the lower support level breaks down, which is not likely with all the buy from investors from around this area.

ADA/USD has broken past resistance level at $1.034, which means that the bullish momentum is likely to continue into the near future. The 100 and 200-hour simple moving averages [MA] have crossed paths at a point of intersection, which indicates that buying pressure might be slowing down for the time being. For ADA/USD to maintain an uptrend, it should stay above $1.032.

Cardano price analysis: Conclusion

The Cardano price analysis for today revealed support for buyers, with a significant recovery in ADA/USD market value observed. Throughout the previous 24 hours, the green candlestick indicated an improvement in the coin’s value. As the coin’s value is now settling at $10.34 highs, purchasers’ chances are rising.

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.