Cardano Price Analysis: Bullish rally will soon raise the price of ADA to $0.6
An analysis of Cardano prices shows that the market is in a consolidation phase. However, the uptrend did not hold, and the price began to adjust downwards. The correction was short-lived, as the bulls bought on the fall and pushed the price up again. The ADA/USD pair is trading at $0.459, and the bulls are aiming to rise above $0.600.
A key bullish trend line is forming on the chart with support around $0.489, which is likely to play an important role in the coming days. If a breakout occurs below this trend line, Cardano (ADA) may fall to the level of $0.400 in the short term. On the other hand, if the bulls maintain control, the price may rise above $0.700.
Cardano price analysis for 1 day: ADA/USD will soon overcome high highs
On the daily chart of the Cardano price analysis, there was strong pressure from sellers around this level, which led to a sharp decline in the ADA/USD pair. The pair fell below the $0.600 level, but bulls quickly appeared near the $0.549 level.
Currently, the price is consolidating, and in the near future it may make the next move either above $ 0.600 or below $0.489. Cardano remains in an uptrend and may reach new highs in the coming sessions.
ADA/USD price chart for 1 day. Source: TradingView
The volatility of the cryptocurrency is exceptionally high because the Bollinger bands diverge, and the upper band of the indicator is set at $ 0.513, which was resistance, but has now been broken through. The lower band dropped to $0.410, which represents support for the ADA price function. The average line of the Bollinger bands is below the value of the moving average of 0.462 dollars.
The price tested support around $0.532, which is currently consolidating in a wide range. The key support zone is near the $0.489 level, and a break below it may increase the chances of a move to $0.400. On the other hand, if the price starts moving higher, it is likely to encounter resistance near the $0.600 level. A clear break above this resistance zone could lead to an early rally to the $0.700 level.
4-hour ADA/USD price chart. Source: TradingView Conclusion of the Cardano price analysis
In conclusion, the Cardano ADA price analysis follows an optimistic course, but faces obstacles around $0.600. A clear break below $0.489 may lead to a sharp decline in the ADA/USD pair to the level of $0.400 in the near term.
Disclaimer of liability. The information provided is not trade advice. We strongly recommend that you conduct an independent study and/or consult with a qualified specialist before making any investment decisions.
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