Cardano Price Analysis: $0.46 Hinges On Breaching This Level
2023年4月30日 - 12:16PM
NEWSBTC
Over the past few weeks, the price of Cardano has experienced
significant volatility. The altcoin initially rose from $0.37 but
was later rejected at $0.45. However, over the last 24 hours, there
has been a slight increase of 1.3%, while the weekly chart
indicates a 6.2% price increase. The technical analysis of ADA
suggests that the bulls are attempting to take control of the
price. Demand and accumulation showed signs of recovery. Related
Reading: XRP May Rally Over 10% Upon Breaching Two Critical Levels
Despite the slow progress in the ADA price, there is a critical
resistance level that must be surpassed to trigger a rally. For the
bulls to gain further momentum, buying strength must increase
significantly in the upcoming trading sessions. Additionally, major
altcoins have been stagnant due to Bitcoin’s difficulty in reaching
$30,000. If BTC reclaims this level, it could propel ADA bulls to
drive up the price in the subsequent trading sessions. Furthermore,
the market capitalization of ADA has recovered, indicating that
buying pressure is returning to the market. Cardano Price Analysis:
One-Day Chart At the time of writing, ADA was trading at $0.40. The
overhead resistance was $0.42. This level has proven to be a
significant hurdle for Cardano in the past, and multiple attempts
to break through it have been unsuccessful. However, if ADA manages
to move above this resistance level, it could trigger a rally and
push the price towards $0.46. On the other hand, if the price falls
from its current level, the support level stands at $0.39. If ADA
fails to remain above this support level, it could lead to a drop
in price to $0.36. The amount of ADA traded in the last session
turned green, indicating an influx of buyers. Technical Analysis
While there has been a slight uptick in demand for ADA, the buying
strength on the daily chart has seen a slight downtick. The
Relative Strength Index remains above the half-line, suggesting
that buyers still have control of the market. However, Cardano’s
movement below the 20-Simple Moving Average line indicates that
sellers may take over soon as the demand is not adequate. This
reading implies that sellers are driving the price momentum in the
market. ADA formed sell signals in line with other indicators. The
Moving Average Convergence Divergence showed red histograms under
the half-line, indicating a signal to sell, based on price momentum
and reversals. Related Reading: How Soon Will Litecoin Breach This
Psychological Resistance Level? The Directional Movement Index was
negative, indicating negative price momentum, with the -DI line
(orange) above the +DI line (blue). The Average Directional Index
(Red) was nearing 20, indicating that the current price action
lacked strength. Featured Image From UnSplash, Charts From
TradingView.com
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