By Franklin Smith
- Cardano’s price displays bullishness today.
- The alt’s next resistance stands at $1.36.
- ADA support is at $1.25.
Cardano’s price depicts a bullish attitude after securing support near $1.20 yesterday. That came after ADA bulls pushed the price high on Sunday, hitting $1.30. For now, the alternative crypto retests the resistance at $1.31.
Keep in mind that this level rejected ADA on December 16. Also, analysts anticipate a selling momentum around this area, and it shows effects on ADA price function. If Cardano bulls overpower the mentioned resistance, $1.34 will be the next aim.
ADA/USD Daily Chart – Cardano Should Break Past $1.31 for Sustained Climb
The 1-day ADA chart analysis reveals bulls’ upward actions as Cardano trades at $1.30 during this publication. Generally, Sunday’s sessions have ADA inside the $1.23 – $1.30 price range. Yesterday’s persistent bullish push had the alt gaining 6.39% within the past 24 hours. However, the crypto lost around 4% within the past week. Also, the trading volume lost 18.89% today.
ADA wavers within high volatility, and Bollinger bands remained on down moves as the price trend-line displayed a sinking narrative. The top Bollinger band dropped to 41.63 as the lower one represents support at $1.10. Meanwhile, the indicator’s mean average stands at $1.36, representing ADA’s resistance.
As Cardano surged today, it trades beyond the MA at $1.27. The RSI maintains an up curve inside the neutral zone’s lower half. The indicator’s upward curve at index 41 indicated buying actions in the market. The Relative Strength Index has not touched the neutral region’s upper half since November 11. With that, today’s score is somehow better.
Technical Indications and Latest Developments
The four-hour ADA indicates that the crypto retraced during the last session, and bulls demonstrated strength early on Sunday as prices rose to $1.29 from $1.24. Meanwhile, the recent price oscillation ended as the $1.31 resistance showed pressure.
Moreover, the Relative Strength Index confirmed increased selling pressure. That reflects slowed-down buying activity as ADA nears the hurdle. The four-hour price chart show low volatility as Bollinger bands cover less region following December 16 convergence. The indicator’s upper limit stand at $1.32 shows ADA resistance. Meanwhile, the indicator’s mean average at $1.25 represents Cardano’s support.
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