Cardano price analysis has recorded a bullish comeback from Wednesday’s decline down to $0.48 with a 4 percent uptrend over the past 24 hours. ADA price rose as high as $0.59 to move above the pivot at $0.57 and target the first major resistance level at $0.6094. Cardano will need broader market support to move above the resistance level and would then aim to target a move up to $0.70 where sellers would be expected to provide correction.
The second major resistance in this uptrend is expected to be faced at $0.66. Currently, ADA sits above the 100-day EMA at $0.57 and traders would be looking to hold and consolidate upwards, also suggested by the 9 percent drop in trading volume. In addition, the Vasil Hard Fork is expected to deliver further buyer support to ADA following reports of Cardano development activity hitting an all-time high.
The larger cryptocurrency market failed to mirror Cardano’s upward price movement, as Bitcoin dropped further closer to the $30,000 mark and Ethereum closed further below the crucial $2,000 mark. Among major Altcoins, Ripple dropped 2 percent to $0.39 and Solana 1 percent to $40.37. Meanwhile, Dogecoin consolidated around $0.082, the same as Polkadot around $9.76, whereas Tron fell 2 percent down to $0.08 following a seismic rise yesterday.
Cardano price analysis: Price soars above moving averages on daily chart
On the candlestick chart for Cardano price analysis, price can be seen making a swift and significant comeback from Wednesday’s decline down to $0.54. While ADA is yet to test major resistance levels above the $0.60 mark, technical indicators support a continued bullish thesis over the next 24 hours. Price moved above the 50 and 100-day exponential moving averages (EMAs) over the past 24 hours at around $0.55. Meanwhile, the 24-hour relative strength index (RSI) shot up into the oversold zone at 50, and is expected to sit there before correcting along with price.
If price can breach the first resistance at $0.6094 at current trend, it will open doors towards the May 9, 2022 high of $0.70, with further resistance set at $0.6671. To further support the bullish sentiment, the moving average convergence divergence (MACD) curve is forming higher highs above the neutral zone. Over the next 24 hours, failure to keep the $0.57 pivot could bring the first level of support at $0.53 into the market. ADA bulls will hope to stay above the $0.50 floor to avoid second support level at $0.47.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-02/