Cardano Price Analysis: Cardano bullish pattern on 24-hour chart consolidating gains above $1.35

TL;DR Breakdown

• Cardano price still trending below 20-day EMA
• The coin has not witnessed any substantial gains for the last few weeks
• At the time of writing, ADA is trading at $1.3455

Cardano Price Analysis: General price overview

For the 4th consecutive day, Cardano price action has not been able to break above the 20-day exponential moving average. However, the  24-hour trading chart is indicating signs of strength and an impending recovery above $1.33. The main resistance lies between $1.50 – $1.58, and below this level is the minor resistance at the 50% FIB retracement level at $1.47. Cardano (ADA) has been trading below this level since mid-June, undergoing nonsubstantial gains and losses in the last weeks. Volatility has been condensed within this period as suggested by the contracted 14-days Bollinger bands. 

On the 2-day chart, the 20-day exponential moving average is flattening out. The RSI is lying towards 40 and heading from overbought to neutral on the 24-hours trading chart. The daily RSI suggests high chances of a bullish comeback above $1.35 – $1.45. However, break-even sellers might neutralize the positive sentiment if they manage to pull the price below $1.20. A price action that might bring the $1 psychological support into action.

Cardano price movement in the last 24 hours 

Cardano price analysis is bullish for today following a healthy start of the 24-hour trading chart. The opening market price was $1.32, after which buyers triggered a rising wedge towards the $1.35 region. This renewed hope for the bulls following a downswing on yesterday’s close that brought fears of revisiting the June 23 $1.11 swing low. The risk with breaking below this price level is seller concentration invalidating all buyer pressure and steering a downtrend towards the $0.90 range lows. 

The daily range on today’s chart begins from an intraday low of $1.316 and an intraday high of $1.3610. The range is moderate and suggests moderately distributed volatility. 

Cardano 4-hour price chart

According to the 4-hour Cardano price analysis, a bullish trendline has formed with a number of long candlesticks extending above the Bollinger moving average. The formation is a clear breakout from the descending trendline that occurred yesterday and led to high lows around $1.25.  The 4-hour chart is bullish and indicates a positive view that the price of ADA could break out the 20-day EMA target at $1.39. The Bollinger bands have also expanded on the 1-hour chart and suggest the likelihood of a bullish continuation in the near term. 

Cardano price analysis conclusion

Cardano (ADA) has been trading within a downtrend since the beginning of June. The coin has not witnessed any substantive gains after bearish weaknesses overwhelmed the market since the May crash. As we head into the new month, bulls anticipate the coin to break out of the $1.30 – $1.47 trading range and consolidate upwards. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/cardano-price-analysis-2021-06-29/