TL;DR Breakdown
- Cardano price analysis shows price rose 5 percent on the day to initiate upturn
- After falling to $0.85 critical support, price could return to $0.95 before retracing
- Trading volume fell 28 percent while market cap rose by 5 percent over the last 24 hours
Cardano price analysis shows bullish signs for the day, as price rose almost 5 percent over the last 24 hours to initiate a well due upturn. After enduring significant losses in succession since February 16, ADA dropped to the $0.85 critical support after yesterday’s trade. The precarious position instigated buyer interest in the token with price now in the running to test $0.95 resistance over the current upturn. Over the past 24 hours, majority technical indicators turned neutral and bullish, with market cap rising by 5 percent and trading volume dropping 28 percent.
The larger cryptocurrency market followed suit to ADA, as Bitcoin consolidated to move in touching distance of the $39,000 mark. Ethereum rose 3 percent to sit at $2,700, while major Altcoins showed significant gains. Ripple and Dogecoin rose 2 percent each, to sit at $0.713 and $0.131, respectively. Solana gained 5 percent to move up to $88.83, and Polkadot rose 3 percent to $16.604. The biggest upwards movement was made by Terra, continuing its rise with a 15 percent increment.
Cardano price analysis: 24-hour chart indicates profit taking near $0.94 moving average
The 24-hour candlestick chart for Cardano price analysis highlights the upward price movement conjured by Cardano over the past 24 hours. However, technical indicators also highlight a coming retracement once the token hits the $0.95 demand zone, where the simple moving average also exists. Buyers over the current trend will be looking to place buy stop orders at $0.91 and not trust Cardano to move up to $1. The exponential moving average (EMA) sits at $0.947 but is expected to come down as price retraces over the next 24 hours. Similarly, the relative strength index (RSI) shows a lowly market valuation at 32.43 and the moving average convergence divergence (MACD) remains bearish.
Overall, the price action remains neutral for now, with expected downtrend as price reaches up to $0.95. Support still sits at $0.85 and potential sell offs may push price back towards that point over the coming 48 hours.
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