Over the past few months, Cardano has been getting stronger, with the price trending upwards. The bullish momentum has now started to consolidate above $1.35, which will be a crucial benchmark as the bearish trend is expected to end.
Cardano markets have always been bullish, but the bulls have been struggling to gain traction in the $1.1-1.35 range. At time of writing, ADA is up 3.25% on the day, while the 24-hour chart pattern has gained more than $2, but still remains above the symmetrical triangle resistance at $1.35.
Summary of the situation
- Cardano’s price is still below the 20-day EMA.
- In recent weeks, the Mint has not experienced significant growth.
- At the time of writing, ADA is trading at $1.3455.
Gimbal price analysis: Price Overview
This is the fourth consecutive day that Cardano’s price action failed to break through its 20-day exponential moving average. However, the 24-hour chart shows signs of strength and an imminent rally above $1.33. Key resistance lies between $1.50 and $1.58, with minor resistance below this level at the 50% FIB retracement at $1.47. Cardano (ADA) has been trading below this level since mid-June and has seen small ups and downs in recent weeks. Volatility has compressed during this period, as evidenced by the narrowing of the 14-day Bollinger Bands.
On the 2-day chart, the 20-day exponential moving average flattens out. On the 24-hour chart, the RSI is approaching 40 and has gone from overbought to neutral. The RSI on the daily chart shows a strong probability of a bullish reversal above $1.35 – $1.45. However, short sellers could neutralize the positive sentiment if they manage to push the price below $1.20. Price action that could trigger psychological support at $1.
Cardano price movement in the last 24 hours
Cardano’s price analysis is bullish today after a healthy start to the 24-hour trading session. The market opened at $1.32, after which buyers caused a rising wedge to the $1.35 area. This has rekindled bullish hopes after yesterday’s closing price raised fears of a return to the lows of the 23rd. June at $1.11. The risk of a break below this price level is a concentration of sellers, which kills any buying pressure and drives the trend lower to the lows in the $0.90 area.
The daily range on today’s chart begins with an intraday low of $1.316 and an intraday high of $1.3610. The range is moderate and assumes moderately distributed volatility.
Cardano4-hour price chart
According to Cardano’s 4-hour price analysis, a rising trendline has formed with a series of long candles extending above the Bollinger moving average. This formation represents a clear breakout of the downward trend line that occurred yesterday and led to lows around $1.25. The 4-hour chart is bullish, suggesting that the price of ADA could break through the 20-day EMA, with a price target at $1.39. The Bollinger Bands have also widened on the hourly chart, indicating a bullish continuation in the near-term.
Output of price analysis of the gimbal
Cardano (ADA) has been in a downtrend since early June. The currency failed to make significant gains after the bearish weakness that permeated the market following the May decline. Heading into the new month, bulls expect the currency to break out of the $1.30 to $1.47 trading range and consolidate higher.
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