Cardano shows promotion after the base has moved aside. ADA is currently trading above support at $ 0.47. Over the past week, the coin gained 7.2%, but ADA has lost 5% of its market value in the last 24 hours. Following consolidation, ADA is now focusing on its immediate resistance. Is a new Cardano Rally coming?
Cardano’s new rally in sight?
If Cardano continues to stay at the current price level, kthe bulls may be back on the market for a long period of time. Buyers also seem to be re-entering the market. That prompted ADA to show signs of mitigation.
If purchasing power is reduced, Cardano can go as low as $ 0.45, then drop to $ 0.40. Even now, Cardano seems to be trading in a tight range. But the pressure above $ 0.49 is a bullish signal. With continued purchasing power, Cardano can surpass the $ 0.50 mark.
Cardano price analysis: four-hour chart
ADA traded at $ 0.51 on the chart four times after exiting the consolidation phase. The closest support level to altcoin is $ 0.47. But: A little pressure from sellers can push prices to $ 0.40. The four-hour chart has bullish signals.
An upward trend line indicates an uptrend (yellow). Pressure from buyers can help Cardano rise to $ 0.52 and then $ 0.56. To completely dispel the bearish thesis, the base needs to trade above $ 0.56 for much longer.
The number of Cardano traded has also increased. This indicates that buyers were active in the market. The volume bar was green, showing bullish price action.
Purchasing power has shown a steady upward movement over the past few days. Same with the Relative Strength Index – the indicator was well above the midline. This reading shows a promotion as buyers entered the market.
Other technical details also show that the buyers took the lead. The ADA price is above the 20 SMA line. This usually means that buyers are in control of the price dynamics as they were responsible for the price increase.
ADA buying momentum is showing positively on the four hour chart. Moving Average Convergence Variety of price momentum signals and also trend reversal. The MACD has completed a bullish crossover and green signal bars are flashing.
These green bars are buy signals for the tire. This means that bullish trends are present in the market. Other indicators also show the strength of buyers.
For example, the Bollinger Bands reflect price volatility. They were parallel to the chart.
Simultaneous Bollinger Bonds mean that the price of the asset will move in the same price range. This, in turn, represents continued relief for Cardano.
Text credit: Newsbtc
Last updated on June 22, 2022
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