The price of Cardano slumped hard after getting a $1.50 boost on April 12, which sparked a wave of panic selling. However, the ADA/USD pair has stabilized and is currently forming the first ‘support zone’ at the $1.40 mark. Subsequently, the price could head toward the $1.50 resistance level or rally higher.
Since the beginning of the year, Cardano has been flying along. This week, it surpassed its all-time high of $1.24 to set a new all-time high of $1.38. It looks like ADA is going to have a major breakout close to $1.50. Should it go on to cross this price level, it would look like it’s following the path of Bitcoin, which reached $1,200 during its rise in 2017.
Summary of the situation- Cardano price analysis shows signs of a bullish rally as the price struggles above $1.40.
- The 20-day moving average line at $1.34 is good support for ADA/USD.
- The rising triangle pattern indicates that the pair is ready to break above the 50 SMA.
crypto-currency heatmap by Coin360
The ADA/USD pair is in a pullback trying to determine a future price. Cardano is targeting the $1.40 level as the pair embraces the 20-day MA support line. The key support levels are $1.34 and $1.30. Buyers will need to build massive volume to overcome the critical resistance levels at $1.40 and $1.45.
Cardano’s latest price analysis shows that the ADA/USD pair is approaching an ascending triangle pattern. It looks bullish within the same triangle that was formed in late June. The 200-day moving average at $1.00 will play an important role in forming a bullish triangle in the coming days if the bulls maintain their buying momentum.
A bullish triangle pattern signals an impending uptrend. However, there is downside risk to this trend and it could come under selling pressure near current levels due to resistance at $1.40. There is a possibility that the triangle will test lower levels before fully reversing into a positive trend, according to Cardano’s price analysis.
Cardano price movement in the last 24 hours: Resumption of price increases
Buyers of Cardano unsuccessfully tried to break through resistance at $1.50 in early July. Sellers tried to push it down and break below the rising triangle. The upward channel was interrupted by increasing selling pressure near the $1.48 level. The drop in moving averages encouraged the bears to increase selling pressure and pushed the ADA/USD pair below the $1.40 level.
After the continuation of the downtrend the pair stabilized near the support level at $1.32. According to Cardano’s price analysis, the lower channel of the ascending triangle has provided support, as expected. At the same support-turnaround point, the 20-day moving average offered additional support, which helped the bulls accumulate more funds.
Support at the bottom of the rising price channel is a sign that a bullish rally is imminent. The fall in volumes is a cause for concern, which could nullify the results achieved. This could lead to a slight downward movement, depending on Cardano’s price analysis.
4-hour chart ADA/USD: Likely short term gain after $1.38
TradingView’sCardano price chart
Cardano price analysis shows that the short-term price outlook has turned bullish. Although sellers are again trying to reach the 20-day MA at $1.30 per ounce, the price will not fall below $1.33 per ounce, as there is plenty of support below and the bulls can turn a small decline into a quick accumulation phase.
Above the $1.40 level, there is huge resistance at $1.45 and then at $1.50. Massive sell orders are in place at the top of the ascending triangle pattern, which is likely to stall the ADA price at $1.50. In an extreme bullish scenario, the pair could break through the $1.50 level and rush towards the resistance at $1.72, where the 0.50 Fibonacci resistance level is located.
The RSI index is close to 50 and showing an upward trend. The MACD is not showing clear signs of a bullish cross.
Cardano price analysis output: Traders need a bullish breakout sign
The ADA/USD pair is stuck in a tight trading range between $1.32 and $1.36 and needs a trend break. Bearish signals in Cardano price might not have much traction past the $1.32 support point. The rising price channel that began in late June is finally turning into something fruitful.
It remains to be seen how the tug of war between the bulls and the bears will play out. At the time of writing, the price is hovering around the support line at $1.35. As momentum builds, the first stop for price is at $1.375, followed by resistance at $1.40.
Denial. The information contained in this analysis does not constitute commercial advice. .com accepts no responsibility for investments made based on information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified professional before making an investment decision.
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