ADA/USD to break above $1.15 resistance level

TL;DR Breakdown

• Cardano price analysis is bullish today.
• Cardano is currently trading at $1.071.
• Closest resistance at $1.15.

Cardano is currently correcting from yesterday’s high of $1.090. The breakout of the descending channel was a bullish sign for ADA/USD today despite price retracing to test yesterday’s highs around $1.090.

ADA/USD has largely retraced today and is now trading at $1.076 and could be looking to test yesterday’s highs again. ADA could be looking to move up to the next resistance level at $1.15, where buyers are likely to emerge.

Cardano price movement in the last 24 hours: Cardano consolidated below $1

The last 24 hours were particularly bullish in general, but Cardano followed its path to reach these levels again today after consolidation at the level of previous resistance ($0.058). We can see how there was no lack of volatility over the past few days since it reached $0.095 before falling to around $0.058 today. We anticipate further declines, as we will explore in the Cardano price analysis.

Our previous Cardano news analysis was bullish and correct as we anticipated a good move above $0.095 if only because previous resistances were surmounted. Now that it is happening, our bullish view remains favorable as per our last price analysis. A few more days of consolidation around these levels would be normal before the next move.

ADA/USD 4-hour chart: ADA is under bullish preasure

In the 4-hour chart, we can see how ADA/USD is slowly moving towards the next resistance ($1.15). In general, these are bullish signs as they show that there is enough momentum for a possible break of previous resistance before consolidating again to continue upwards.

The Bollinger bands show good volatility and narrowing, which is another bullish signal that we must consider; as such, ADA/USD has now momentum to break $1.15 once again.

On the 4-hour chart, there is enough momentum for a possible break of $1 without a doubt at this point. A rapid rise towards the next resistance at $1.15 followed by a period of consolidation could follow before going up further would not be a rare occurrence by any means from our point of view.

In the 1-day chart, we can see how ADA/USD is now reaching the closest resistance level at $1.080, which it failed to break before. If it succeeds in doing so now, there will likely be further gains towards the previous high, if not higher, since these resistances are significant; as such, another test of $1.15 could be expected after consolidation around current levels.

From our point of view, this would mean that the price may restructure again after reaching new highs before advancing further, if only because this kind of move usually happens with cryptocurrencies. Cardano has had the last few days to consolidate. It looks like it is ready for new gains towards $1.15, followed by another period of consolidation before further moving upwards.

The MACD on the 4-hour chart shows a bullish signal going upwards and crossing higher. The RSI  on the 4-hour chart indicates that ADA/USD is overbought for now, but that does not mean that a big correction will occur anytime soon.

Cardano Price Analysis: Conclusion 

The Elliot wave shows how ADA/USD is in its third phase, which means it could be the last leg upwards for now. Overall, we look like we will see a break of $1 and consolidation afterward and another move higher above $1.15 in the following days.

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