Cardano (ADA) has been one of the top gainers in the last 24 hours. Price of asset has pictured a bullish action on the daily chart. The bulls have regained strength and has continued to move past other resistance marks.
The major resistance mark for the coin now rests above the $0.60 level. After the coin manages to trade above the aforementioned price level for the upcoming trading sessions, the bulls will find a strong footing.
If ADA fails to cross above the $0.64 crucial resistance mark then the coin can again fall back to the $0.50 support level. With Bitcoin moving past the $30,000 price level, it is natural that other major altcoins has reflected on the same price action.
The global cryptocurrency market cap today was $1.33 Trillion with a 3.8% positive change in the last 24 hours.
Cardano Price Analysis: One Day Chart
ADA was exchanging hands at $0.60 after registering over 8% gains in the last 24 hours. The crucial resistance for the coin awaited at $0.64. A fall from the $0.60 price mark would push Cardano to $0.50. In the last week, the coin secured double digit gains.
It logged close to a 27% appreciation in its price. With positive price action, buyers seem to have returned to the market. Consistent buying strength will help bulls maintain their vigour.
The volume bars displayed growth in the past trading session. The bar was green which indicated that ADA’s bullish leg was possibly back.
Technical Analysis
The buying strength registered a sharp uptick over the past few days. At the time of writing, buying strength was positive. The Relative Strength Index was placed above the half-line which is an indication that buyers outnumbered sellers in the market.
The price of ADA stood above the 20-SMA line. This meant that buyers were responsible for driving the price momentum in the market at the moment.
If the coin registers the demand then it could be possible for ADA to even cross the 50-SMA line. Price above the 50-SMA line is considered to be quite bullish for the coin.
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Bollinger Bands indicate the incoming price volatility of the coin. The bands depicted a squeeze in the market, which meant there could be a fall in price volatility. A fall in volatility means lowered price fluctuation for Cardano.
The Parabolic SAR determines the price trend and a possible price reversal. Parabolic SAR’s dotted lines are seen below the price candles at the time of writing. As price increased, dotted lines gathered below the price and indicated a bullish trend for ADA.
For Cardano to maintain the bullish stance, it needs to trade above the $0.64 price ceiling and that would ensure continued bullish price action.
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