Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Gabbartoken on August 17, 2022, 01:29:21 PM
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Cryptocurrency price update: CARDANO PRICE ANALYSIS : ADA continues its upward trend above the $0.55 support.
After fears over the beginning of a downtrend yesterday, Cardano price analysis is now showing strong indications. Following a 3 percent loss, the price dropped yesterday to $0.5475.
ADA was quick to re-enforce bullish momentum today, however, and settle above the $0.55 support level. Over the period of the day, further positive momentum may exceed the $0.60 price level. Before retracing, price may possibly go as far as the $0.67-$0.69 range. With a current price of $0.5565, which is up 0.2 percent from yesterday, the market cap of ADA increased by 2 percent to $19.8 billion.
Cardano price analysis's 24-hour candlestick chart shows price re-discovering the uptrend from the day before, which helped price break over the $0.55 resistance for the first time in more than two months. ADA increased to $0.57 today after losing 4% yesterday and still on pace to break the next resistance level at $0.60. Price has maintained a higher level than the critical moving averages, such as the 9 and 21-day moving averages and the 50-day EMA at $0.5464.
Technical indicators strongly suggest that a rise upward to the bullish target price range of $0.67–$0.69 is likely to take place during the next few weeks. The 24-hour chart of the relative strength index shows a strong and recent rally in the value of the ADA market after rising back above 60. Trading activity during the last 24 hours decreased by 12 percent, which suggests price consolidation at the present price. As ADA stabilises above $0.55, the moving average convergence divergence (MACD) curve also exhibits a positive divergence. Support is between $0.52 and $0.53, and then $0.50 in the event that ADA notices a change in trend during the next 24 hours.
KEY LEVELS :
RESISTANCE LEVEL : $0.58-$0.60
SUPPORT LEVEL : $0.54-$0.52