24/04/2021
Summary of the situation
- The price of the gimbal is expected to rise to $1,250.
- The next support level is at $1.10 and below that at $1.10.
- ADA is facing resistance at $1.20 and upside at $1.25.
Over the past 24 hours, Cardano’s price has climbed above $1.90, with bulls finally breaking above that level after struggling at $1.10. The ADA has seen a price increase of over 72% in the last 24 hours, with the price movement showing a continued upward trend.
The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. The best performers were the DOT and the NBB, which posted gains of 7.41% and 5.37%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 2.92% and 3.07%, respectively.
Table of Contents
Technical indicators for ADA/USDT
Technical indicators for ADA/USDT of Tradingview
According to the technical indicators, the MACD is showing strong bullish momentum, as shown in the dark green histogram. The indicator has been in a bearish zone for the past two days, but today it experienced a bullish reversal. The 12-day EMA is trading above the 26-day EMA and continues to diverge as both EMAs rise.
The RSI is currently hovering in the neutral zone just below the 52.00 level and giving no signals. Last week the indicator was in the neutral zone. At press time, the RSI has returned slightly to the overbought zone, suggesting buyers are fighting back.
The Bollinger Bands are currently wide and will widen in the near future due to continuous dark green candles. The widening of the band indicates increased volatility in the ADA price, which is currently just below $1.20. Meanwhile, since the price is above the middle line of the band and not above the lower one, the trend for the next few candles will be upward.
Overall, the technical analysis on the 4-hour chart gives a weak sell signal, with nine of the 26 major technical indicators supporting a downward move across the time frame. On the other hand, only eight indicators are giving buy signals, suggesting that Cardano’s price is rising. Nine indicators are at low levels and give no signals at this stage.
The 24 hour technical analysis shares this opinion and gives a sell signal. 10 of the 26 indicators show a bearish movement against only 7 indicators that show bullish momentum. Nine indicators remain neutral and give no signal at the time of writing.
What can we expect from the Cardano Prize?
4-hour price chart with trading view
The price of Cardano is currently showing a trend reversal as the price bounces off the $1.00 mark. While medium-term technical analysis remains bearish, signals are not strong and short-term indicators have turned bullish.
As such, traders should expect Cardano to break above the $1.20 level, while ADA heads towards the $1.250 price level. However, the price is facing strong resistance at $1.30, which requires strong momentum for a breakout.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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