Bulls on the Cardano price analysis have managed to retrace near yesterday’s $1.49 rejection and are currently consolidating momentum near $1.455. Yesterday’s sell signals were violent as the coin struggled to remain within the greens. Analysts anticipate market choppiness to fluctuate with the $1.39 and $1.49 price range. Cardano started off the daily trading chart at an opening price of $1.4033, a level that also serves as the intraday low.
Since the morning hours, the bulls have managed to push the price towards a daily high of $1.4578. More buyers have entered the market as they anticipate the price to rally towards $2.00 and absorb an estimated 74 percent of gains. As of this writing, Cardano ranks at number 5 by market capitalization. The coin is currently worth a total capitalization of $45.65 billion.
The current uptrend is a relief for break-even traders who must have bought the coin on July 1 when it was trading within the $1.50 support. A downside associated with this price mark is it could steer the market into panic mode due to high seller concentration. Overall, the bulls can anticipate further gains in the short and medium-term.
Cardano Price Analysis in the last 24 hours: $1.60 target remains intact
Resistance is decreasing on the 24-hour chart as suggested by the falling RSI that currently lies within the overbought region at 32. The bears can only cancel out any bullish momentum by overturning buyer volumes to $1.40. However, the RSI will still move into the neutral region and attract more momentum for the bulls to keep going. Cardano should wage more support from the broader market to beat July 5th rejection at $1.49. The level above it is a psychological resistance level and excellent take-profit mark for break-even traders. High momentum will carry the bulls above this level or else the bears will correct lower and retest $1.20.
The MACD is heading towards a bullish crossover but the blue and red lines are still apart by a narrow margin. Market choppiness is moderate as indicated by both the choppiness index and the intact bollinger bands.
Cardano price bulls are highly adamant to push the coin to higher highs and are currently campaigning for a $1.60 target. On the downside, the bears are targeting to crash the $1.35 support and activate a major downtrend between $1.35 – $1.20.
At the time of writing, Cardano is trading at a price of $1.4486 against the US dollar. According to Cardano price analysis, the coin is bullish and we can anticipate some gains on the 4-hour chart. Meanwhile, we have spotted signs of weaknesses on the chart following a correction from the $1.4578 daily high to the present price.
What to expect of Cardano?
Cardano (ADA) cleared the weekend gains on Monday after a sell-off crashed prices across the broader cryptocurrency market. Leading cryptocurrencies corrected to higher lows but the bulls found support around Friday’s price levels. Tuesday indicators are suggesting high optimism across the entire market and participants can anticipate higher corrections in the next few days.
