Cardano Price Moves Above $0.50, Is The Price Ready For Breakout?
August 07 2022 - 9:00PM
NEWSBTC
Cardano price is currently trading slightly above $0.50, price of
the asset has been consolidating over the past few days. ADA has
been struggling below the immediate resistance level. The coin has
attempted to flash a break-out couple of times but it was met with
the bears each time. Since Cardano price is trading sideways,
chance of a breakout cannot be ruled out immediately. Technical
outlook for ADA has also started to turn positive as the buying
strength started to recover on the chart. Over the last 24 hours,
Cardano price noted a small depreciation. In the past week, ADA
lost 2% of its market value. Currently the support levels are
between $0.50 and $0.45 respectively. The price had continued to
form higher highs and higher lows till the coin started retracing
over the last two days. It could be possible for the altcoin to
resume its previous price momentum if the technical outlook
continues to remain positive. Buying strength remains crucial for
ADA at the moment. A slip below its present trading level will push
ADA down to $0.45, which would mean that the bears will be in
control again. Cardano Price Analysis: Four Hour Chart ADA was
trading at $0.51 at the time of writing. Cardano price was
struggling underneath the immediate resistance of $0.55. Cardano’s
price had formed a similar pattern previously, where it fell below
the $0.45 mark and shot up above the $0.55 price level. If ADA
loses it current momentum, it could again rally on its chart.
Additionally other resistance levels stood at $0.62. If Cardano
price fails to hold on the $0.45 level, it could touch $0.38 over
the upcoming trading sessions. Amount of ADA traded was in the
green which meant that buying strength picked up on the chart.
Technical Analysis ADA’s technical outlook started to turn positive
over the last 24 hours. The buyers started to enter the market as
the coin tried to move upwards on its chart. The Relative Strength
Index was positive as the indicator was seen above the half-line.
This reading indicated that buying strength was higher than the
selling strength on the four hour chart. Cardano price was parked
above the 20-SMA as demand for the altcoin appreciated. This meant
that buyers were driving the price momentum in the market. Related
Reading: Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down
The altcoin also demonstrated mixed signals on its shorter time
frame. ADA flashed a sell signal but also the buying momentum
hasn’t faded out yet. The Awesome Oscillator pictured red
histograms on its half-line, AO represents the price momentum and
changes in the same. The red signal bars are sell signal on the
four hour chart. Moving Average Convergence Divergence outlines the
momentum and trend reversals too. MACD underwent a bullish
crossover and continued to form green histograms which are buy
signals for ADA. The histograms on MACD were fading which were a
sign of bearishness. For Cardano to break past its price ceiling,
it important buyers remain in the positive on the chart. Related
Reading: Cardano (ADA) Regains Some Support But Rate Stuck Below
Vital $0.50 Level Featured image from The Financial Express, chart
from TradingView.com
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