Cardano price analysis is bullish today, after a promising trading session later in the day to pull price up to $0.5476. This came about after yesterday’s revisit of the $0.51 support as ADA lowered down to $0.5019. However, price was quick to pick up again and technical indicators suggest a move up to $0.67 is likely once ADA breaks past the $0.55 immediate resistance. Cardano price has been in a greater uptrend of late since the start of August and remains in promising position ahead of the much anticipated Vasil Hard Fork that is sure to enable a bullish rally.
The larger cryptocurrency market recorded minor uptrends and consolidation across the board over the past 24 hours, as Bitcoin rose above the much coveted $24,000 mark. Ethereum rose 3 percent to $1,900 after falling behind earlier in the day, as leading Altcoins also recorded minor increments. Ripple rose up to $0.38, whereas Dogecoin jumped up to $0.07, each witnessing a 1 percent increment. Solana rose 2 percent to $43.40, whereas Polkadot lost 3 percent in price to move down to $9.29.
Cardano price analysis: ADA continues to show strong market valuation on 24-hour chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a swift shift in trend after yesterday’s decline down to $0.50. ADA has seen an extended phase of consolidation over the month of August, with price setting base around the $0.51 mark. With little bearish intervention, Cardano price has moved past the $0.52 July high and remains on course to extend up to $0.67.
Price can be seen keeping above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.5217. Furthermore, the 24-hour relative strength index (RSI) sits at 57.25 to show strong market valuation for ADA. Trading volume over the past 24 hours rose 4 percent to compliment the uptrend, while the moving average convergence divergence (MACD) curve shows further promising signs as it sustains above the neutral zone to form higher lows.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-08-11/