Cardano price analysis is bullish today as ADA/USD continues to increase after finding support overnight at $0.46.The pair is now trading above the $0.50 level and is poised to move higher soon. Cardano‘s price analysis is bullish todayCardano (ADA) price is increasing today after finding support overnight at $0.46.
ADA has been on a solid uptrend since mid-March and is poised to continue moving higher soon. The ADA/USD pair has been rejected from the $0.52 level twice in the past 24 hours, but each time found, buyers around the $0.50 level. The pair is trading just below the $0.52 level and looks poised for further gains. The next resistance level is at $0.54, followed by $0.56. On the downside, the nearest support level is $0.50.
Cardano price movement in the last 24 hours: Cardano spikes higher, retraces to set higher low
The daily Cardano price analysis chart shows that the ADA/USD pair has been on a strong uptrend since mid-March. After consolidating around the $0.30 level for a few weeks, the pair spiked higher in early April and has risen steadily since then. The pair found resistance at the $0.52 level yesterday and retraced lower to set a higher low at $0.50. The buyers have regained control, and the pair is moving higher again.
ADA/USD 4-hour chart: Recent price developments
On the 4-hour chart, we can see rejection for additional downside at the $0.46 mark, which should result in an overnight reversal and another push higher over the weekend. ADA/USD will next reach a target of $0.51.
The 4-hour Cardano price analysis chart shows that the ADA/USD pair has formed a descending triangle pattern. This bearish pattern suggests that the pair could retrace lower from here. However, the triangle pattern is also forming on declining volume, which suggests that the bears are losing strength. The RSI is also approaching oversold territory and looks set for a reversal. This suggests that the ADA/USD pair is ready to continue higher in the near term.
The MACD on the 4-hour chart is also bullish and is about to generate a buy signal. This further supports the view that ADA/USD is ready to move higher. The nearest resistance level is at $0.54, followed by $0.56. On the downside, the nearest support level is $0.50.
Cardano price analysis is bullish today as ADA/USD continues to increase after finding support overnight at $0.46. The pair looks poised to move higher in the near term, with the next resistance levels at $0.54 and $0.56.support levels are at $0.50 and $0.48. Cardano (ADA) price is increasing today after finding support overnight at $0.46.
Cardano price analysis: Conclusion
The Cardano price analysis is bullish, as the $0.46 retrace has already occurred, and indications of more selling are observed. As a result, ADA/USD should reverse soon and seek to rise even higher over the weekend.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-08-2/