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Cardano Price Moves Above $0.50, Is The Price Ready For Breakout?
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
Cardano was priced at $0.51 on the four hour chart | Source: ADAUSD on TradingView
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.
Cardano depicted increase in buying strength on the four hour chart | Source: ADAUSD on TradingView
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.
Cardano depicted a sell signal on the four hour chart | Source: ADAUSD on TradingView
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.
Featured image from The Financial Express, chart from TradingView.com
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