Cardano retraced back to $1.43 after a pullback that almost saw it correct below $1.40. Today’s Cardano price analysis is bullish as the bulls resume their rigid upward momentum to beat the 50-day simple moving average lying at $1.51.
The coin has already consolidated massive buyer support at the 20-day exponential moving average and turned it into a key support level. In yesterday’s analysis, we did mention the possibility of break-even sellers as the Cardano dared to rise.
As a result of these sellers exerting downward pressure on the rally, ADA got rejected as it attempted to defeat the $1.45 mark. It is possible for the price to go higher and attain $1.54 if buyers are able to show up in larger volumes than rally sellers. The next resistance after $1.50 lies at $1.55.
A primary target for the bulls sits at $1.60, and only breaking above both resistances will open the gate to this target. The bears are still targeting a lower correction to the 20-day exponential moving average at $1.20. They are thereby clearing minor supports to make one more attempt into dipping ADAto the 20-day EMA.
Cardano price movement in the last 24 hours
As of this writing, Cardano (ADA) has its short-term eyes on $1.45. The Relative strength index across the 24-hour chart has been trending along the neutral zone. In fact, the coin’s bulls have already consolidated support volumes at $1.40, where the key support lies. The Bollinger bands are expanding, suggesting high volatility, and the price has broken above the middle line and heading for the moving average. Thereby indicating chances of a break out into the 2-day price rejection at $1.49.
Cardano’s MACD is trending across the bullish zone, showing how adamant the bulls are to retrace above $1.46 and $1.47. On the downside, sellers are preparing to correct below the $1.40 key level and continue towards the $1.20 higher low target.
The medium-term target lies at $1.60, while the long-term target lies at $1.94. More buyers will steer the price towards the first target, and ADA will continue its path towards the upper target.
Today’s daily range is intact and narrow. An indication of less activity and low market choppiness. This perspective is also supported by the market choppiness index. Nonetheless, the bands seem optimistic to break the stalemate in the next 24 hours and wage more buyer activity.
Cardano (ADA) is trading at a price of $1.42 against the US dollar at the time of writing. Generally, the short-term Cardano price analysis is bullish, and traders can expect gains in the subsequent few sessions. There is a correction from $1.43 to $1.42, which is only a correction that the bulls will invalidate and aim for a high target.
Cardano price analysis conclusion
Cardano Foundation rolled out a five-year plan on what it intends to achieve on the network to drive more blockchain adoption and the adoption of its coin, ADA. The foundation mentioned in the strategy that it aims to onboard over 50 banks by the end of 2021 to increase its customers.