- Cardano price breakout after a sideways trend of past few months and now bulls eyes on target of $2.00
- The coin, after a massive rally, is consolidating at higher levels, and now it seems that the consolidation got mature with a positive result
- The pair of ADA/BTC is trading positive with a minor increment of +1.90%, which is standing at 0.00002977 BTC
Cardano price over the monthly chart has given a positive breakout after a long consolidation and now has an initial target of $2.00. The coin is in bullish momentum after an escape from the pattern, and all the parameters are in favour of bulls. Meanwhile, the coin is presently trading above all major moving averages (MA) of 20, 50, 100 and 200-day. In contrast, 50 and 100-DMA are acting as aggressive buying levels and support line. The volume traction seems to be relatively lower, which needs to improve for a good upside. The support on the lower side is at $1.50 and $1.24. Likewise, the resistance on the higher side is at $1.85 and $1.98. Since the overall trend is in favour of bulls and every dip is used for accumulation.
Cardano Price is Projecting Short Term Correction
At a 4-hour time frame, Cardano price is projecting some intraday or short term correction. Since, after a good upside, ADA is now showing little weakness for a concise term and can retest the rising trend line. At the same time, all technical parameters are in favour of bears in the short term. Presently the coin is trading at $1.75 with an intraday increment of +2.86%, and volume also jumped nearly +15%, standing at $6,892,958,271. Similarly, an exciting development is observed in front of ranking where ADA has now jumped to 5th position with a market capitalization of $55,405,648,814.
Relative Strength Index (BEARISH) indicates bearish momentum while trading at 60.62. However, after a positive rally, ADA now suggests some weakness in the concise term.
Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart, as it just gave a negative crossover with the seller’s line (red) over the buyer’s signal line (green).
Support levels: $1.50 and $1.24
Resistance levels: $1.85 and $1.98