ADA trades at $1.18 as the bullish trend follows

TL;DR Breakdown

• Cardano price analysis shows an uptrend
• ADA prices are facing resistance at $1.2
• A break above this resistance could see ADA prices surge to $1.50

The Cardano price analysis shows a bullish trend that has been witnessed in the market over the last few days. ADA prices surged to highs of $1.18 on before facing resistance at the $1.2 level. A break above this resistance could see ADA prices surge to highs of $1.50 in the near term. The key support levels to watch out for are $0.98 and $0.90. A break below these levels could see ADA prices fall to lows of $0.70.

The overall sentiment in the market remains bullish and this could see ADA prices surge to new highs in the near term.ADA prices have moved in a range of $1.12 to $1.19 over the last 24 hours and currently ranking position 7th with a market cap of $4.4 billion. Cardano‘s trading volume is currently sitting at $1,489,142,960.29, most of it being traded on Binance.

Cardano price action in the last 24 hours: ADA prices prepare to break the resistance of $1.2

Cardano price movement over the last 24 hours shows a continued bullish trend whereby ADA prices opened the daily chart trading at $1.12 against the US Dollar. The bulls managed to push the prices higher and reached a high of $1.19 before encountering resistance at $1.2.

ADA/USD is currently correcting lower and is trading at the $1.14 level after testing the 38% Fibonacci retracement zone of the last bullish swing from the low of $0.98 to the high of $1.19.If ADA/USD bulls break above the $1.2 resistance, they will most likely aim at testing the next resistance level at $1.50. On the downside, support lies at $1.06 and $1.02 followed by the 50% Fibonacci retracement level of the last bullish swing at $0.98.The market volatility has significantly increased as the Bollinger bands have begun to expand as the upper band stretches towards the $1.3 price level.

The technical indicators on the 1-day price chart indicate the presence of a bullish trend. The Relative Strength Index (RSI) is above the 50 levels and pointing north, which suggests that the bulls are in control of the market momentum. The MACD is also bullish and above the zero line, which confirms the buy signal.

Cardano price analysis on a 4-hours price chart: ADA/USD faces resistance at $1.2

ADA/USD 4-hours price chart shows that the ADA prices are in a bullish trend and facing resistance at the $1.2 level. A break above this resistance could see ADA prices surge to highs of $1.50 in the near term. The 50 days SMA is currently acting as strong support for the ADA/USD pair. On the downside, if ADA prices break below the 50 days SMA, they could find support at $1.06 and $1.02 followed by the 100 day SMA at $0.94. The MACD on the 4-hours price chart is bullish and above the signal line, which indicates a buy signal.

The technical indicators on the 4-hours price chart suggest that the bears are losing control and the bulls are likely to take over the market momentum in the near term. The RSI is above the 50 levels and pointing north, which suggests that the buyers are in control of the ADA/USD price action. The MACD is bullish and above the zero line, which confirms the buy signal.

Cardano price analysis conclusion:

The Cardano price analysis for today is in favor of the bulls. The present buying pressure has seen ADA prices surge and establish a firm consolidation above the $1.1 level. The strong bullish spell has been present over the last few days and has seen ADA prices move from lows of $0.98 to highs of $1.18 on Binance. The key resistance level to watch out for is at $1.2, and a break above this could see the ADA/USD prices surge to new highs in the near term.

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