Cardano price analysis: ADA holds uptrend intact above $0.55 support

Cardano price analysis is showing strong indication today, following from fears of a downtrend initiating yesterday. Price lowered down to $0.5446 yesterday, following a 3 percent decline. However, ADA was swift to enforce bullish momentum again today to settle above the $0.55 support. Further bullish momentum could breach the $0.60 price point over the next 24 hours, while price could also extend up into the $0.67-$0.69 zone before retracing. Current price sits at $0.5656, up 2 percent from yesterday, while ADA market cap grew 2 percent up to $19.8 billion.

The larger cryptocurrency market showed a mix of minor downtrends along with little upward consolidations over the past 24 hours, with Bitcoin moving down below the $24,000 mark. Ethereum also moved down 1 percent to settle at $1,800, whereas leading Altcoins showed minor uptrends across the board. Ripple grew up to $0.37, whereas Dogecoin soared 11 percent to move as high as $0.08. Meanwhile, Solana suffered a 2 percent decline to move down to $43.32, whereas Polkadot upped 1 percent to $8.76.

Cardano price analysis: RSI shows newfound uptrend on 24-hour chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen re-discovering the uptrend from before yesterday that helped price breach the $0.55 resistance for the first time in over 2 months. ADA extended up to $0.57 after losing 4 percent yesterday, and remains on course to move past the next resistance point at $0.60. Price has remained upwards of the crucial moving averages, including the 9 and 21-day moving average, and the 50-day exponential moving average (EMA) at $0.5464.

Technical indicators provide strong hint that a move up to the $0.67-$0.69 bullish target is likely over the coming weeks. The relative strength index on the 24-hour chart provides strong and newfound uptrend in ADA market valuation after jumping back above 60. Meanwhile, trading volume over the past 24 hour fell 12 percent, indicating price consolidation on current price. The moving average convergence divergence (MACD) curve also shows a bullish divergence in place as ADA stabilises above $0.55. Support is offered around $0.52-$0.53 and then $0.50 in case ADA witnesses a reversal in trend over the coming 24 hours.

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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-08-16/