Bullish rally drives LINK prices to $0.6 soon


www.cryptopolitan.com

24 m

Reading time: ~3 m


Cardano price analysis shows that the market is in a consolidation phase. However, the uptrend could not be sustained, and the price started to correct lower. The correction was short-lived as bulls bought the dip and pushed the price higher again. The ADA/USD pair is trading at $0.459, and the bulls aim to move above $0.600.

A key bullish trend line is forming with support near $0.489 on this chart, which is likely to play a major role in the coming days. If there is a downside break below this trend line, Cardano (ADA) could decline towards the $0.400 level in the short term. On the other hand, if bulls remain in control, the price might move above $0.700 and test the $1.000 resistance zone in the coming weeks.

Cardano price analysis for 1-day: ADA/USD to break high highs soon

On the daily Cardano price analysis chart, there was a lot of selling pressure around this level, leading to a sharp decline in the ADA/USD pair. The pair declined below the $0.600 level, but bulls quickly appeared near the $0.549 level.

The price is now consolidating, and it might make the next move either above $0.600 or below $0.489 in the near term. Cardano remains in an uptrend, and it might surge towards new highs in the coming sessions.

ADA/USD 1-day price chart. Source: TradingView

The volatility is exceptionally high for the crypto pair because the Bollinger bands are separating, with the indicator’s upper band set at $0.513, which was resistance but now has been broken through. The lower band has come down to $0.410, representing support for ADA’s price function. The mean line of the Bollinger bands is below the moving average value of $0.462.

The price tested the support near $0.532, which is currently consolidating in a broad range. The key support zone is near the $0.489 level, and a break below it could increase the chances of a move towards $0.400.On the other hand, if the price starts to move higher, it is likely to face resistance near the $0.600 level. A clear break above this resistance zone might call for a rally towards the $0.700 level soon.

ADA/USD 4-hour price chart. Source: TradingView

The moving average (MA)crossover strategy moving average (MA) crossover strategy is a simple yet effective way to trade in the cryptocurrency market. This strategy is based on the idea that when two moving averages, one short-term and one long-term, cross over each other, it indicates a change in the trend.

The most common MA crossover strategy is the 5 MA and 20 MA crossover. When the 5 MA crosses above the 20 MA, it indicates that the market is uptrend and buyers are in control. Conversely, when the 5 MA crosses below the 20 MA, it indicates that the market is downtrend and that sellers are in control.

Cardano price analysis conclusion

To conclude, the Cardano price analysis ADA follows a bullish pat but is facing hurdles near $0.600. A clear break below $0.489 could start a sharp decline in ADA/USD pair towards the $0.400 level in the near term.

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 link

You May Also Like