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Cardano Price Soars, Will Bulls Hold Recovery?

Cardano price is being pushed up on the chart by bulls at the time of writing. The day before, Cardano was up 2% of him. Last week’s altcoin price action was less than positive as it lost most of its gains for the week.

If the recovery of buyers continues, ADA may cross the next resistance level. However, at the time of writing, ADA was trading flat.

Over the past few weeks, altcoins have been pinched between $0.50 and $0.44 respectively.

Buying strength has attempted to recover on the chart, but selling strength was still dominant at the time of writing.

Cardano price support zones are between $0.44 and $0.40 respectively. Cardano is one of the altcoins that has moved against the tide.

However, Bitcoin has shown signs of a rise in the last 24 hours. If the coin buying strength fails to enter the positive zone, the ADA bull market could fade out quickly.

Cardano Price Analysis: 1-Day Chart

Cardano was priced at $0.46 on the 1-day chart. Source: His ADAUSD on TradingView

At the time of writing, ADA was trading at $0.46. In the last 24 hours, the coin has crossed his one of the resistance levels.

Cardano’s immediate resistance mark was $0.49. If the bulls manage to break out of his $0.49 price level, they can stay there for longer.

If no buyers step forward, Cardano price will drop to $0.43 and then drop below $0.40.

The amount of altcoins traded in the past session has decreased even though buying strength has increased. This meant the dominance of the seller in the market.

technical analysis

cardano price
Cardano has recorded an increase in buying pressure on the 1-day chart. Source: TradingView’s ADAUSD

Altcoins showed signs of recovery on the daily chart. Technical indicators show that the bulls are in control.

At the time of writing, the Relative Strength Index is below the half line, indicating that buying pressure is still greater than selling pressure.

Cardano price has broken below the 20-SMA line. This indicated that demand fell as sellers were driving price momentum in the market.

Push from buyers could push the ADA above the 20-SMA and 50-SMA lines, invalidating the bearish thesis.

cardano price
Cardano Draws a Sell Signal on the 1-Day Chart | Source: TradingView’s ADAUSD

The ADA bull market has yet to gain momentum on the 1-day chart. Unless buyers overwhelm the strength of sellers, the bulls cannot push the altcoin price above $0.49.

Moving average convergence divergence indicates price momentum and price action for altcoins. MACD has gone through a bearish crossover to form a red histogram which is a coin sell signal.

The Directional Index measures the overall price direction. DMI was negative because the -DI line was above the +DI line.

The Average Directional Index is rising towards the 20 mark, which indicates that current price action is gaining momentum.

Cardano Price Soars, Will Bulls Hold Recovery?

Source link Cardano Price Soars, Will Bulls Hold Recovery?

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